Chapter One
Financial Economics
This chapter contains 48 multiple choice questions, 20 short problems and 5 longer problems.
Multiple Choice
1.The primary goal of corporate management is to
________ shareholder wealth.
(a)minimize
(b)maximize
(c)leverage
(d)mitigate
Answer: (b)
2. A ________ stock market imposes ________
discipline on managers to take actions to maximize the market value of the firm’s shares.
(a)competitive, strong
(b)dispersed, weak
(c)mature, no
(d)dispersed, strong
Answer: (a)
3. The ________ form is especially well suited to the separation of ownership and management of firms because it allows relatively frequent changes in owners by share transfer without affecting the operations of the firm.
(a)corporate
(b)sole proprietorship
(c)partnership
(d)household
Answer: (a)
4. ________ is anything that has economic value.
(a) A partnership
(b)An asset
(c)A balance sheet
(d)An income statement
Answer: (b)
5. A household’s wealth or net worth is measured by the value of its ________ minus its ________.
(a)liabilities; assets
(b)assets; liabilities
(c)stocks; bonds
(d)bonds; liabilities
Answer: (b)
6. The branch of finance dealing with financial decisions of firms is called ________ or ________.
(a)investments; international finance
(b)markets; institutions
(c)business finance; institutions
(d)business finance; corporate finance
Answer: (d)
7. Bonds promise ________ cash payments, while stocks pay the ________ value left over after all other claimants have been paid.
(a)variable; residual
(b)residual; fixed
(c)fixed; residual
(d)fixed; variable
Answer: (c)
8. The day-to-day financial affairs of the firm are usually referred to as ________.
(a)working capital management
(b)capital structure
(c)capital budgeting
(d)strategic planning
Answer: (a)
9. A disadvantage of the sole proprietorship is the fact that the sole proprietor has ________.
(a)limited liability for the debts of the firm
(b)unlimited liability for the debts of the firm
(c)expensive costs to establish the firm
(d)limited authority over the day-to-day
business decisions of the firm
Answer: (b)
10. In the U.S. corporations with concentrated ownership are called ________ and corporations with broadly dispersed ownership are called ________.
(a)private corporations; public corporations
(b)public corporations; private corporations
(c)public corporations; monopolies
(d)private corporations; state owned
corporations
Answer: (a)
11. Billy owns a house worth $350,000 and has a $55,000 bank account. Billy owes $270,000 to the bank on a home mortgage loan and has a $12,000 credit card debt outstanding. Calculate Billy’s net worth.
(a)$135,000
(b)$123,000
(c)$497,000
(d)$37,000
Answer: (b)
12. Marlowe owns a house worth $150,000, a car worth $25,000 and has an $18,000 bank account. Marlowe owes $135,000 to the bank on a home mortgage loan, $18,000 on the car loan and has an $18,000 credit card debt outstanding. Calculate Marlowe’s net wor th.
(a)$58,000
(b)$123,000
(c)$22,000
(d)$37,000
Answer: (c)
13. An advantage of the corporate form of ownership is ________.
(a)no liability
(b)unlimited liability
(c)limited liability
(d)CEO liability
Answer: (c)
14. In the corporate form, the separated structure creates the potential for ________ between owners and managers.
(a) a conflict of interest
(b)increased transactional costs
(c)stability in relations
(d)none of the above
Answer: (a)
15. All of the following are reasons for having a separation of management and ownership of the firm except:
(a)the “going concern” effect favors the
separated structure
(b)professional managers may be found who
possess a superior ability to run the
business
(c)it prevents the possibility of a conflict of
interest between the owners and
management
(d)it allows for savings in the cost of
information gathering
Answer: (c)
16. ________ involves the evaluation of costs and benefits spread out over time, and it is largely a financial decision-making process.
(a)Stock valuation
(b)Bond valuation
(c)Inventory costing
(d)Strategic planning
Answer: (d)
17. Shareholder wealth maximization depends on all of the following except:
(a)production technology
(b)market interest rates
(c)risk aversion
(d)market risk premiums
Answer: (c)
18. A problem with using the profit maximization criterion is ________.
(a)d eciding which period’s profit is to be
maximized
(b)the definition of “maximize profits” is
ambiguous
(c)the failure to consider risk
(d)all of the above
Answer: (d)
19. The existence of a well functioning stock market facilitates the efficient separation of the ownership and management of firms, since stock prices can be substituted for external information about ________.
(a)the firm’s production technology
(b)the wealth, preferences, and other
investment opportunities of the owners
(c)the historic costs of the firm’s
infrastructure
(d)the firm’s ability to meet its projected goals
Answer: (b)
20. One place to look for a statement of the goals of a corporation’s top managers is the ________.
(a)balance sheet
(b)income statement
(c)annual report
(d)bankruptcy filing
Answer: (c)
21. In the absence of a stock market, managers would require information that is ________ to obtain.
(a)costly if not impossible
(b)costless
(c)readily available
(d)time-consuming but inexpensive
Answer: (a)
22. Management’s task is made much easier when it can observe the ________ of its own and other firms’ shares.
(a)book prices
(b)market prices
(c)historical prices
(d)security prices
Answer: (b)
23. ________ are entitled to a share of any of the distributions from the corporation such as cash dividends.
(a)Sole proprietors
(b)General partners
(c)Professional managers
(d)Shareholders
Answer: (d)
24. ________ is the founder of modern portfolio theory.
(a)Harry Markowitz
(b)Merton Miller
(c)William Sharpe
(d)Bill Gates
Answer: (a)
25. In Germany, public corporations are identifiable by ________ after the company name, whereas private companies are denoted by ________.
(a)PLC, Inc.
(b)GmbH, AG
(c)AG, GmbH
(d)SpA, GmbH
Answer: (c)
26. In the United Kingdom, public corporations are identifiable by ________ after the company name, whereas private companies are denoted by ________.
(a)Inc, PLC
(b)LTD, PLC
(c)AG, GmbH
(d)PLC, LTD
Answer: (d)
27. Shareholders elect ________ who in turn select
________ to run the business.
(a) a board of directors; a treasurer
(b)a board of directors; managers
(c)managers; a board of directors
(d)a board of directors; accountants
Answer: (b)
28. In a competitive stock market, ________ offer(s) another important mechanism for aligning the incentives of managers with those of shareholders.
(a)takeovers
(b)increased taxes
(c)liquidation
(d)increased liability
Answer: (a)
29. If a raider is interested in making a profit through the takeover of a prospective firm, the only expenses that need be incurred are ________.
(a)the cost of identifying a mismanaged firm
(b)the cost of acquiring the firm’s shares
(c)physical capital
(d)both (a) and (b)
Answer: (d)
30. The cost of identifying a mismanaged firm can be low if the raider is which of the following:
(a) a supplier
(b)a customer
(c)a competitor
(d)all of the above
Answer: (d)
31. Takeover mechanisms can most effectively be reduced by ________.
(a)directives from the board of directors
(b)media intervention
(c)government policies
(d)public disapproval
Answer: (c)
32. The chief financial officer (CFO) of a corporation normally reports to the ________ of the company.
(a)controller
(b)treasurer
(c)chief executive officer
(d)chairman of the board of directors
Answer: (c)
33. All of the following departments typically report to the chief financial officer (CFO) except:
(a)marketing
(b)financial planning
(c)treasury
(d)control
Answer: (a)
34. The treasurer’s job includes managing all of the following except:
(a)the firm’s exposure to currency and interest
rate risks
(b)the tax department
(c)relations with the external investment
community
(d)the analysis of proposed mergers and
acquisitions
Answer: (d)
35. The activities of the vice president for financial planning inc lude all of the following except:
(a)analyzing proposed mergers
(b)analyzing proposed spin-offs
(c)preparing internal reports comparing
planned and actual costs
(d)analyzing major capital expenditures
Answer: (c)
36.Which of the following statements is most correct?
(a)The shareholders of a corporation elect
managers who in turn select a board of
directors to run the business.
(b)Partnerships do not pay corporate tax.
(c) A disadvantage of the corporation is
unlimited liability.
(d)The government is powerless to discourage
corporate takeovers.
Answer: (b)
37.For a typical firm, which of the following
statements is most correct?
(a)The CFO has three departments reporting
to him: financial planning, treasury and
control.
(b)The treasurer oversees the accounting and
auditing activities of the firm.
(c)The controller has responsibility for
managing the financing activities of the
firm and for working capital management.
(d)The CEO is a senior vice president with
responsibility for all the financial functions
in the firm.
Answer: (a)
38.Which of the following are financial decisions a
firm has to make?
(a)financing decisions
(b)capital budgeting decisions
(c)working capital decisions
(d)all of the above
Answer: (d)
39.The controller’s job includes responsibility for
________.
(a)relations with the external investment
community
(b)preparation of financial statements for use
by shareholders, creditors and regulatory
authorities
(c)analysis of proposed mergers, acquisitions
and spin-offs
(d)all of the above
Answer: (b)
40.The basic unit of analysis in capital budgeting is the
________.
(a)financing project
(b)investment project
(c)strategic project
(d)variable project
Answer: (b)
41.The steps involved in any capital budgeting process
include:
(a)evaluating projects
(b)deciding which projects to undertake
(c)identifying ideas for new investment
projects
(d)all of the above
Answer: (d)
42.Preferred stock, bonds, and convertible securities
are also known as ________.
(a)nonmarketable claims
(b)standardized securities
(c)variable securities
(d)covenants
Answer: (b)
43.The basic unit of analysis in capital structure
decisions is the ________.
(a)firm as a whole
(b)investment project
(c)firm’s personnel
(d)financial system
Answer: (a)
44.Which one of the following correctly orders the
steps involved in capital structure decisions?
(a)determining a feasible financing plan;
identifying new ideas for investment
projects
(b)determining the optimal financing mix;
determining a feasible financing plan
(c)identifying ideas for investment projects;
determining the optimal financing mix
(d)determining a feasible financing plan;
determining the optimal financing mix Answer: (d)
45.Which of the following is not a financial function
of a corporation?
(a)investor relations
(b)tax administration
(c)provision of capital
(d)regulatory legislation
Answer: (d)
46.Which of the following functions may be
categorized as administration of funds?
(a)custodial responsibilities
(b)tax administration
(c)internal auditing
(d)all of the above
Answer: (a)
47.Investor relations includes:
(a)government reporting
(b)establishment and maintenance of
communications with company
stockholders
(c)relations with taxing agencies
(d)consultation with and advice to other
corporate executives
Answer: (b)
48.Oscar owns a boat worth $2 million, a house worth
$https://www.doczj.com/doc/1813612556.html,lion and has $900,000 in a bank account.
Oscar owes $1.1 million to the bank on the boat
loan, $2 million on the home loan and has $20,000
credit card debt. Calculate Oscar’s net worth.
(a)$3.12 million
(b)$5.28 million
(c)$7.28 million
(d)$8.4 million
Answer: (b)
Short Problems
1.Give a brief definition of the financial system.
Answer: A financial system is defined as the set of markets and other institutions used for financial contracting and the exchange of assets and risks.
2.List the markets that the financial system likely
includes.
Answer: A financial system includes the markets for stocks, bonds and other financial instruments, financial intermediaries, financial service firms and the regulatory bodies that govern all of these institutions. 3.Briefly describe the distinction between physical
capital and financial capital.
Answer: Physical capital includes items such as buildings, machinery and other intermediate products used in the production process. Financial capital, however, includes stocks, bonds and loans used to finance the acquisition of physical capital.
4. Give a brief description of the wide range of financial instruments and claims a firm can issue.
Answer: These include common stock, preferred stock, bonds and convertible securities (standardized securities that can be traded in organized markets). Financial instruments and claims can also include nonmarketable claims such as bank loans, employee stock options, leases and pension liabilities.
5.Siggy owns a house worth $200,000, a car worth
$25,000 and has an $18,000 bank account. He also has furniture worth $4,000 and jewelry worth $10,000. However, Siggy owes $145,000 to the bank on a home mortgage loan, $17,000 on the car loan, $40,000 on student loans and has an $16,000 credit card debt outstanding. Calculate Siggy’s net worth.
Answer: Net Worth = Total Assets – Total Liabilities
= ($200,000 + $25,000 + $18,000 + $4,000 + $10,000) – ($145,000 + $17,000 + $40,000 + $16,000)
= $39,000
6.Briefly list the problems associated with profit
maximization as the chief goal of corporate
managers.
Answer: The profit-maximization criterion has two problems associated with it. The first is that it is difficult to determine which period’s profit is to be maximized if the production process requires many periods. Secondly, if either future revenues or expenses are uncertain, then what exactly is the meaning of “maximize profits” if profits are described by a probability distribution?
7.Kecia owns a house worth $220,000, a car worth
$20,000 and has a $13,000 bank account. She also has furniture worth $8,000. However, Kecia owes $165,000 to the bank on a home mortgage loan, $17,000 on the car loan, $50,000 on student loans and has an $18,000 credit card debt outstanding.
Calculate Kecia's net worth.
Answer: Net Worth = Total Assets – Total Liabilities
= ($220,000 + $20,000 + $13,000
+ $8,000) – ($165,000 + $17,000 +
$50,000 + $18,000)
= $261,000 - $250,000
= $11,000
8.Give an example of a potential conflict of interest
that can arise between owners and managers of a
firm.
Answer: Managers being concerned with their own personal welfare may lead to concern about job security in the long run. This concern about long run survival may cause managers to limit the risk incurred by the firm and make other decisions not with the objective of shareholder wealth maximization.
9.What use does the existence of a stock market serve
to the manager of a firm?
Answer: Observing its own and other firms’ market price of shares helps it make decisions about maximizing the firm’s value to its shareholders. If there was not a stock market, then managers would be required to obtain information that is costly, if not impossible, to obtain. This includes the wealth, preferences and other investment opportunities of the owners. 10.Outline the role of the takeover in aligning the
incentives of managers with those of shareholders. Answer: The threat of a takeover provides a strong incentive for current managers to act in the interests of the firm’s current shareholders by maximizing market value. If managers fail to maximize the market value of the firm’s shares, the firm will be vulnerable to a takeover in which the managers may lose their jobs. 11.Outline the role of the chief financial officer (CFO)
in a corporation.
Answer: The CFO is a senior vice president with responsibility for all the financial functions in the firm and reports directly to the CEO. Three departments report to the CFO: financial planning, treasury, and control.
12.Discuss the role of the treasurer in a corporation. Answer: The treasurer has responsibility for managing the financing activities of the firm and for working capital management. The treasurer is responsible for managing relations with the external investor community, managing the firm’s exposure to currency and interest rate risks, and managing the tax department.
13. Discuss the tasks performed by the controller of a corporation.
Answer: The controller oversees the accounting and auditing tasks of the firm. The controller is responsible for the preparation of internal reports comparing planned and actual costs, revenues, and profits from the corporation’s various busi ness units. The controller will also be involved with preparation of financial statements for use by shareholders, creditors and regulatory authorities.
14.Discuss why voting rights for shareholders are not
adequate to compel managers to act in the best
interests of the shareholders.
Answer: Because a major benefit of the separated structure is that the owners can remain relatively uninformed about the operations of the firm, it is not apparent how these owners could know whether their firm is being mismanaged. The value of voting rights is further cast into doubt if ownership of the firm is widely dispersed. If that is the situation, then the holdings of any single owner are likely to be so small that he or she would not incur the expense to become informed and to convey this information to the other owners.
15.Is it possible for government to reduce the
effectiveness of the takeover mechanism?
Answer: Yes. It is possible for government policy to prevent the formation of monopolies in various product markets – as in the case of the United States Department of Justice, which can take legal action under the antitrust laws to prevent mergers and acquisitions that might reduce competition.
16.In terms of the financial functions of a corporation,
what responsibilities do administration of funds
entail?
Answer: Management of cash; maintenance of banking arrangements; receipt, custody and disbursement of the company’s monies and securities; credit and collection management; management of pension funds; management of investments and custodial responsibilities.
17.Discuss the liability a partnership faces.
Answer: Unless otherwise specified, all partners have unlimited liability as in the sole proprietorship. However, it is possible to limit the liability for some
p artners called “limited partners”. At least one of the partners, called the general partner, has unlimited liability for the debts of the firm.
18.Describe the advantages of the corporate form of
business organization.
Answer: The corporate form of ownership has the advantage that ownership shares can usually be transferred without disrupting the business. Limited liability is also another advantage of the corporate form. In this case, if the corporation fails to pay its debts, the creditors can seize the assets of the corporation but have no recourse to the personal assets of the shareholders.
19.Briefly outline the process of capital budgeting.
Answer:The process of capital budgeting includes identifying ideas for new investment projects, evaluating them, deciding which ones to undertake, and then implementing them.
20.Briefly discuss the process of working capital
management.
Answer: Working capital management refers to the day-to-day financial affairs of the business, such as whether to extend credit to customers or demand cash on delivery or managing cash flow. Longer Problems
1.Describe the four basic types of financial decisions
faced by householders.
Answer: Investment decisions– whether to invest in stocks or bonds
Consumption/Savings Decisions– how much
to save for one’s retirement or a child’s
education
Risk management decisions– whether to buy disability insurance
Financing decisions– what type of loan to adopt in order to finance the purchase of a home or car.
2.Give a brief description of each of the four main
areas of financial decision-making in a business. Answer: Strategic Planning: Evaluating the
costs and benefits associated with the
firm’s business line, which may change
over time.
Capital Budgeting: Identifying ideas
for new investment projects, evaluating
them, deciding which ones to
undertake, and then implementing
them.
Capital Structure: The initial step is
deciding upon a feasible financing plan
for the firm. The next decision
involves the optimal debt/equity mix to
use.
Working Capital Management: The
day-to-day affairs of the business.
This includes paying bills as they come
due, collecting from customers,
managing the firm’s cash flows to
ensure that operating cash flows
deficits are financed and that cash flow
surpluses are efficiently invested to
earn a good return.
3.Explain the five basic reasons for separating the
management from the ownership of an enterprise. Answer:
?Professional managers may be found who have a superior ability to run the business.
?To achieve the efficient scale of a business the resources of many households may have to be
pooled.
?In an uncertain economic environment, owners will want to diversify their risks across many
firms.
?The separated structure allows for savings in the costs of information gathering.
?There is a “learning curve” or “going concern”
effect, which favors to separated structure.
4.Discuss the types of decisions that firms must make. Answer: Capital budgeting decisions– whether to build a new plant or produce a new product.
Financing decisions– how much equity and
how much debt a firm should adopt in its
capital
structure.
Working Capital decisions– whether credit
should be extended to a customer or cash
demanded on delivery.
5.Outline the roles of the three departments that report
to the Chief Financial Officer.
Answer: Treasury: This department is responsible for managing the financing activities
of the firm and for working capital
management. This includes managing
relations with the external investment
community, managing the firm’s exposure to
currency and interest rate risks, and
managing the tax department.
Financial Planning: This department is
responsible for analyzing major capital
expenditures such as proposals to enter new
lines of business or to exit existing businesses.
This includes analyzing proposed mergers,
acquisitions and spin-offs.
Controller: This department oversees the
accounting and auditing activities of the firm.
Activities include preparation of financial
statements for use by shareholders, creditors
and regulatory authorities, as well as the
preparation of internal reports comparing
planned and actual costs, revenues, and
profits from the corporation’s various
business units.
Chapter Two
Financial Markets and Institutions
This chapter contains 49 multiple-choice questions, 20 short problems and 10 longer problems. Multiple Choice
1. A market that has no one specific location is termed a(n) ________ market.
(a)over-the-counter
(b)geographic location
(c)intermediary
(d)conceptual
Answer: (a)
2. ________ problems arise because parties to contracts often cannot easily monitor or control one another.
(a)Payment
(b)Counter
(c)Incentive
(d)Exchange
Answer: (c)
3. Incentive problems take a variety of forms and include:
(a)moral hazard
(b)adverse selection
(c)principal-agent
(d)all of the above
Answer: (d)
4. The ________ problem exists when having insurance against some risk causes the insured party to take greater risk or to take less care in preventing the event that gives rise to the loss.
(a)moral hazard
(b)adverse selection
(c)principal-agent
(d)all of the above
Answer: (a)
5. Life annuities are examples of ________ problems.
(a)moral hazard
(b)adverse selection
(c)principal-agent
(d)all of the above
Answer: (b)
6. ________ means giving the lender the right to seize specific business assets in the event of default.
(a)Increasing moral hazard
(b)Increasing adverse selection
(c)Collateralization of loans
(d)All of the above
Answer: (c)
7. ________ instruments are also called fixed-income instruments.
(a)Debt
(b)Equity
(c)Derivative
(d)All of the above
Answer: (a)
8. The market for short-term debt (less than one year) is called the ________ market, and the market for
long-term debt and equity securities is called the
________ market.
(a)capital; money
(b)money; capital
(c)fixed-income; money
(d)derivative; equity
Answer: (b)
9. ________ securities are financial instruments that derive their value from the prices of one or more other assets.
(a)Debt
(b)Equity
(c)Derivative
(d)Fixed-income
Answer: (c)
10. A call option gives its holder the right to ________ some asset at a specified price on or before some specified expiration date.
(a)sell
(b)buy
(c)loan
(d)borrow
Answer: (b)
11. A put option gives its holder the right to ________ some asset at a specified price on or before some specified expiration date.
(a)sell
(b)buy
(c)loan
(d)borrow
Answer: (a)
12. ________ contracts oblige one party to the contract to buy, and the other party to sell, some asset at a specified price on some specified date.
(a)Options
(b)Uncertainty
(c)Money market
(d)Forward
Answer: (d)
13.The ________ curve depicts the relation between
interest rates on fixed-income instruments issued by the U.S. Treasury and the maturity of the
instrument.
(a)long-term
(b)short-term
(c)yield
(d)exchange rate
Answer: (c)
14.If the short-term rates are higher than the long-term
rates, then the yield curve is ________.
(a)upward sloping
(b)downward sloping
(c)horizontal
(d)vertical
Answer: (b) Questions 15 and 16 are intended to be calculated as a pair.
15.Suppose you are a French investor, who wants a
safe investment in terms of francs. You are investing for one year and the interest rate on a one-year French government bond is 5% and at the same time it is 9% on a U.S. government bond. The exchange rate is currently 6.15 French francs to the dollar. Suppose you invest $1,000 in a U.S. bond.
Also suppose that a year from now the French franc/dollar exchange rate is 6.50 French francs to the dollar. What will be the realized French franc rate of return on the U.S. bond?
(a) 5.69%
(b)9.00%
(c)15.2%
(d)7.00%
Answer: (c)
16.In question 15, what would the exchange rate at
year’s end have to be in order for the Fr ench
investor to earn exactly 4% per year on the
investment in U.S. bonds?
(a) 6.20 FF/$
(b)5.87 FF/$
(c)6.40 FF/$
(d)5.42 FF/$
Answer: (b)
Use the following yield data to answer questions 17 and 18.
2/29/98
Treasury 1-10 yr 5.58%
10+ yr 5.72
Corporate 1-10 yr High Qlty 5.98
Med Qlty 6.17
Corporate 10+ yr High Qlty 6.26
Med Qlty 6.57
17. Calculate the yield spread for Treasury bonds with maturity 1-10 year and corporate bonds of high quality of the same maturity.
(a)11.56%
(b)0.68%
(c)0.59%
(d)0.40%
Answer: (d)
18. Calculate the yield spread for Treasury bonds with maturity 10+ years and corporate bonds of medium quality of the same maturity.
(a)12.29%
(b)0.85%
(c)0.54%
(d)0.45%
Answer: (b)
19.You invest in a stock that costs $45.50 per share. It
pays a cash dividend during the year of $1.20 and
you expect its price to be $49 at year’s end. What is
your expected rate of return if you sell the stock for $49 at the end of the year?
(a) 2.64%
(b)7.69%
(c)10.33%
(d)–5.05%
Answer: (c)
20.You invest in a stock that costs $45.50 per share. It
pays a cash dividend during the year of $1.20 and
you expect its price to be $49 at year’s end. What is your expected rate of return if you do not sell the
stock at the end of the year?
(a) 2.64%
(b)7.69%
(c)10.33%
(d)–5.05%
Answer: (c)
21.You invest in a stock that costs $45.50 per share. It
pays a cash dividend during the year of $1.20 and
you expect its price to be $49 at year’s end. What is your realized rate of return if the stock’s price is
actually $42 at year’s end?
(a)–5.05%
(b)18.02%
(c)10.33%
(d)5.05%
Answer: (a)
22. The ________ the standard deviation, the ________ the volatility of the rate of return.
(a)higher, lower
(b)lower, higher
(c)higher, higher
(d)none of the above
Answer: (c)
23.________ is an investment strategy that seeks to
match the returns of a specified stock market index.
(a)Indexing
(b)Benchmarking
(c)Replicating
(d)Diversifying
Answer: (a)
24. Suppose the risk-free nominal interest rate on a one-year U.S. Treasury bill is 7% per year and the expected rate of inflation is 3% per year. What is the expected real rate of return on the T-bill?
(a)4%
(b)3.88%
(c)1.34%
(d)3.74%
Answer: (b)
25. Suppose the risk-free nominal interest rate on a one-year U.S. Treasury bill is 6% per year and the expected rate of inflation is 4% per year. What is the expected real rate of return on the T-bill?
(a)2%
(b)5%
(c)1.92%
(d)1.89%
Answer: (c)
26. Suppose that the real rate of interest on a TIPS is 4.5% per year and the expected rate of inflation in the U.S. is 5% per year. What is the expected nominal rate of return on these bonds?
(a)0.476%
(b)4.75%
(c)9.73%
(d)9.75%
Answer: (c)
27. Currently you have a bank account containing $6,000, which earns interest at a rate of 4% per year. You also have an unpaid balance on your credit card of $3,000 on which you are paying an interest rate of 18% per year. If the time frame is one year, the arbitrage opportunity you face is:
(a)$420
(b)$540
(c)$120
(d)$300
Answer: (a)
28. A ________ interest rate is denominated in units of some currency, whereas a ________ interest rate is denominated in units of some commodity or “basket” of goods and services.
(a)real, nominal
(b)real, treasury
(c)nominal, real
(d)treasury, real
Answer: (c)
29. ________ are firms whose primary function is to help businesses, governments, and other entities raise funds to finance their activities by issuing securities.
(a)Closed-end funds
(b)Investment banks
(c)Asset management funds
(d)Open-end funds
Answer: (b)
30. Currently, you have $24,000 in a bank account earning an interest rate of 4% per year. At the same time you have an unpaid balance on your credit card of $12,000 on which you are paying an interest rate of 18% per year. If the time frame is one year, the arbitrage opportunity you face is:
(a)$2,160
(b)$1,200
(c)$480
(d)$1,680
Answer: (d)
31. In the United States, the ________ establishes the precise disclosure requirements that must be satisfied for a public offering of securities.
(a)Financial Accounting Standards Board
(b)World Bank
(c)Federal Reserve
(d)Securities and Exchange Commission
Answer: (d)
32. Investment professionals typically use a(n)
________ index as a benchmark for measuring the performance of common stock mutual funds.
(a)inflation adjusted
(b)firm-size weighted
(c)market-weighted
(d)book-weighted
Answer: (c)
33. The Dow Jones Industrial Index has some major defects, which include:
(a)It is not broadly diversified enough to
accurately reflect the wide spectrum of
stocks in the United States.
(b)It corresponds to a portfolio strategy that is
unsuitable as a performance benchmark.
(c)It only includes the 30 largest corporations.
(d)(a) and (b)
Answer: (d)
34. Interest-rate arbitrage is ________ at a lower rate and ________ at a higher rate.
(a)borrowing, lending
(b)borrowing, defaulting
(c)defaulting, lending
(d)lending, borrowing
Answer: (a)
35. ________ invest their funds in a new businesses and help the management team get the firm to the point at wh ich it is ready to “go public.”
(a)Investment banks
(b)Venture capitalists
(c)Asset management firms
(d)Mutual funds
Answer: (b)
36.The case where there is an imbalance in the
exchange of information about a business
opportunity is known as ________.
(a)information symmetry
(b)information asymmetry
(c)information assets
(d)(a) and (c)
Answer: (b)
37.Which of the following represents a
defined-contribution pension plan?
(a) A pension plan into which the employer and
employee make regular contributions.
(b) A pension plan whose benefit is determined by
a formula that takes into account years of
service, wages, and salary.
(c) A pension plan whose benefit formula is 1%
of retirement salary for each year of service.
(d)All of the above
Answer: (a) 38.Which of the following are characteristic of a
mutual fund?
(a)professional management
(b)diversification
(c)efficient record keeping and administration
(d)all of the above
Answer: (d)
https://www.doczj.com/doc/1813612556.html, asset value is defined as the ________.
(a)future value of all assets held divided by the
number of shares outstanding
(b)book value of all securities held divided by the
number of shares outstanding
(c)market value of all securities held divided by
the number of shares outstanding
(d)book value of all assets held divided by the
number of shares outstanding
Answer: (c)
40.Which of the following describes a money market
instrument?
a.long-term
b.liquid
c.high-risk
d.all of the above
Answer: (b)
41. A country’s ________ provides the supply of local
currency and operates the clearing system for the
banks.
(a)stock exchange
(b)underwriter
(c)central bank
(d)investment bank
Answer: (c)
42.Which of the following statements is most correct?
(a)open-end mutual funds and closed-end funds
are identical
(b)open-end mutual funds stand ready to redeem
or issue shares at NAV
(c)closed-end mutual funds stand ready to redeem
or issue shares at NAV
(d)mutual funds provide a poor means of
diversification
Answer: (b)
43.Which of the following statements is most correct?
(a)closed-end mutual funds do not redeem or issue
shares at NAV
(b)closed-end mutual fund prices can differ from
NAV
(c)shares of closed-end funds are traded through
brokers
(d)all of the above are correct
Answer: (d)
44.In the United States, the ________ prohibited
commercial banks from engaging in most
underwriting activities.
(a)Investment Bank Act of 1909
(b)SEC Act
(c)Glass Steagall Act of 1933
(d)Commercial Bank Act of 1952
Answer: (c)
45.Rules for trading securities serve the function of
________.
(a)recognizing when government inaction is the
best choice
(b)standardizing procedures to keep transaction
costs low
(c)presenting financial information in a
standardized format
(d)establishing arbitrary rules to ensure the
maximum revenue from transaction fees Answer: (b)
46.In Germany, the central bank is called the
________.
(a)Riksbank
(b)Bundesbank
(c)Bank of Germany
(d)Exchequer
Answer: (b)
47.For the period 1926-2003, which of the following
asset classes provided the highest average rate of
return?
(a)Long-term U.S. Treasury bonds
(b)U.S. T-bills
(c)Inflation
(d)Small stock
Answer: (d)
48.For the period 1926-2003, which of the following
asset classes provided the lowest volatility of the
rate of return?
(a)Long-term U.S. Treasury bonds
(b)U.S. T-bills
(c)Inflation
(d)Small stock
Answer: (b)
49.The ________ is the unit of account for computing
the real rate of return.
(a)nominal interest rate on stock
(b)standardized basket of consumption goods
(c)country’s rate of inflation
(d)none of the above
Answer: (b)
Short Problems
1. Give a brief definition of financial intermediaries. Provide three examples of financial intermediaries and the products they offer.
Answer: Financial intermediaries are defined as firms whose primary business is to provide financial services and products. Among the main types of intermediaries are banks, investment companies and insurance companies. Products offered include checking accounts, commercial loans, mortgages, mutual funds and a wide range of insurance contracts.
Consider the following yield data and answer questions 2 and 3:
2/29/98
Treasury 1-10 yr 5.58%
10+ yr 5.72
Corporate 1-10 yr High Qlty 5.98
Med Qlty 6.17
Corporate 10+ yr High Qlty 6.26
Med Qlty 6.57
2. Calculate the yield spread for Treasury bonds with maturity 10+ years and corporate bonds of high quality of the same maturity.
Answer: Yield Spread = 6.26 – 5.72%
= 0.54%
3. Calculate the yield spread for Treasury bonds with maturity 1-10 years and corporate bonds of medium quality of the same maturity.
Answer: Yield Spread = 6.17 – 5.58%
= 0.59%
4. Discuss the level and shape of the Treasury yield curves that have appeared in the latest media.
Answer: Answers will vary depending on media announcements at the time.
5. You invest in a stock that costs $42.50 per share. It pays a cash dividend during the year of $1.80 and you expect its price to be $45 at year’s end. What is your expected rate of return if you sell the stock for $45 at the end of the year?
Answer: Expected rate of return =
Ending Price – Beginning Price + Cash
Dividend
Beginning Price
= $45 - $42.50 + $1.80
$42.50
= 10.12%
6. Refer to Question 5. What if you do not sell the stock at the end of the year?
Answer: You measure the rate of return exactly the same way, whether or not you sell. The price appreciation is as much a part of your returns the dividend. That you choose to keep it does not change the fact that you could convert it into $45 cash at the end of the year.
7. You invest in a stock that costs $42.50 per share. It pays a cash dividend during the year of $1.80 and you expect its price to be $45 at year’s end. What is your realized rate of return if the stock’s price is actually $39 a t year’s end?
Answer: Realized rate of return = Ending Price – Beginning Price + Cash Dividend
Beginning Price
= $39 - $42.50 + $1.80
$42.50
= -4%
8. Suppose the risk-free nominal interest rate on a
one-year U.S. Treasury bill is 5% per year and the expected rate of inflation is 3%. What is the expected real rate of return on the T-bill?
Answer: Real rate =
Nominal interest rate – Rate of Inflation
1 + Rate of inflation
= 0.05 – 0.03
1 + 0.03
= 0.02
1.03
= 1.94%
9. Suppose you are a Dutch investor, who wants a safe investment in terms of Guilders. You are investing for one year and the interest rate on a one-year Netherlands government bond is 6% and at the same time it is 9% on
a U.S. government bond. The exchange rate is currently
2.05 Guilders to the dollar. Suppose you invest $1,000 in a U.S. bond. Also suppose a year from now that the Guilder/dollar exchange rate is 2.15 Guilders to the dollar. What will be the realized Dutch rate of return on the U.S. bond?
Answer: Dutch realized rate of return =
$1090 x Future Guilder price of dollar –
2050
2050
= $1090 x 2.15 –2050
2050
= 14.32%
10. Refer to Question 9. What does the exchange rate have to be at year’s end for the Dutch investor to earn exactly 12% per year on the investment in U.S. bonds?
Answer: Dutch rate of return =
$1090 x Future Guilder price of dollar –
2050
2050
0.12 = $1090 x Guilder price –2050
2050
Future price of Guilder = 2.11 Guilder per dollar
11.Distinguish between nominal interest rates and real
interest rates.
Answer: The nominal interest rate is the promised amount of money you receive per unit you lend. The real rate of return is the nominal interest rate you
earn corrected for the change in purchasing power of money. A nominal interest rate is denominated in units of some currency; a real interest rate is
denominated in units of some commodity or basket
of goods and services (commonly, whatever basket
is used to compute the CPI).
12.Discuss the costs associated with trading stocks and
why index funds provide a low-cost advantage.
Answer: Costs can come in the form of:
1.the fund’s expense ratio
(which includes advisory
fees, distribution charges,
and operating expenses).
2.Portfolio transaction costs
(brokerage and after
trading costs).
One of the prime advantages of an index fund
should be its low cost. An index fund should pay
only minimal advisory fees, keep operating
expenses at the lowest possible level, and should
keep portfolio transaction costs at minimal levels.
13.Discuss the investment approach known as
indexing.
Answer: Indexing is an investment approach
that seeks to match the investment returns of a
specified stock market index. When indexing, an
investment manager attempts to replicate the
investment results of the target index by holding
all – or a representative sample – of the
securities in the index. Indexing is a passive
investment approach emphasizing broad
diversification and low portfolio trading
activity.
14.Outline the purpose of a mutual fund and describe
the advantages of investing with a mutual fund.
Answer: A mutual fund is one that pools the
financial resources of many small savers and
invests their money in securities. A mutual fund
has substantial economies of scale in record
keeping and in executing purchases and sales
of securities and offers its customers a more
efficient way of investing in securities than the
direct purchase and sale of securities in the
markets. It also provides an efficient means of
diversification.
15.Define interest-rate arbitrage.
Answer: Interest-rate arbitrage is borrowing
at a lower rate and lending at a higher rate. 16.Describe the main features of the IMF and the Bank
for International Settlements.
Answer: The Bank for International
Settlements (BIS) promotes uniformity of
regulations. The IMF monitors economic and
financial conditions in member countries,
provides technical assistance, establishes rules
for international trade and finance, provides a
forum for international consultation and
provides individual members a lengthened time
(if necessary) to correct imbalances in their
payments to other countries.
17.You invest in a stock costing $60 per share. It pays
a cash dividend during the year of $2.50, and you
expect its price to be $85 at year’s end. Calculate
your expected rate of return. If the stock price at the end of the year is actually $50, calculate your
realized rate of return.
Answer: Expected rate of return = ($2.50 +
$85 - $60)/$60 = 45.8%
Realized rate of return = ($2.50 +
$50 - $60)/$60 = -12.5%
18.You invest in a stock costing $45 per share. It pays
a cash dividend of $3.20 during the year, and you
expect its price to be $60 at the end of the year. If
the price is actually $42 at the end of the year,
calculate your realized rate of return.
Answer: Realized rate of return = ($3.20 +
$42 - $45)/$45 = 0.4%
19.Suppose you have $15,000 in a bank account
earning an interest rate of 5% per year. At the same time you have an unpaid balance on your credit card of $8,000 for which you are paying 18% interest.
What is the arbitrage opportunity you face?
Answer: If you take $8,000 out of your bank
account and pay off the credit card you give up
0.05% x $8,000 = $400, but you can save 0.18
x $8,000 = $1,440 in interest expenses. So the
arbitrage opportunity is worth $1,040 per year.
20.Suppose the real rate of interest on a TIPS is 4% per
year, and the expected U.S. inflation rate is 3.5%
per year. What is the expected nominal rate of
return on these bonds?
Answer: (1+ nominal rate) = (1 + real rate) x
(1 + inflation)
= (1.04) x (1.035)
= 1.0764
nominal rate = 7.64%
per year
Longer Problems
1.Discuss the four main factors that determine rates of
return in a market economy.
Answer: The four main factors that should be
discussed are:
?The productivity of capital goods – expected rates of return on mines, dams, roads, bridges,
factories, machinery and investments
?The degree of uncertainty regarding the
productivity of capital goods
?The time preferences of people
?Risk aversion
2.Discuss the role of the financial intermediary and
give two examples.
Answer: A financial intermediary is an entity whose primary business is to provide customers with
financial products that cannot be obtained more
efficiently by transacting directly in securities
markets.
Examples include banks, insurance companies,
mutual funds, investment companies, venture
capital firms, asset management firms, and pension and retirement funds.
3.Suppose that you have $30,000 in a bank account
earning an interest rate of 6% per year. At the same time you have an unpaid balance on your credit card of $14,000 on which you are paying an interest rate of 18% per year. What is the arbitrage opportunity
you face?
Answer: You could take $14,000 out of your bank
account and pay down your credit card balance.
You would give up 6% per year in interest earnings ($840 per year), but you would save 18% per year
in interest expenses ($2,520 per year). Therefore,
the arbitrage opportunity is $1,680 per year.
https://www.doczj.com/doc/1813612556.html,e the data in the table below to compute both the
DIJ-type index and the market-weighted index for a hypothetical two-stock index. Discuss which index
more accurately reflects the reality of the market.
Answer: DJI type index =
Average of current stock prices
x 100
Average of stock prices in base year
= (30 + 2)/2 x 100
(20 + 10)/2
= 106.67,
indicating an increase of 6.67%
market-weighted index = (0.8 x 30/20) + (0.2 x
2/10) x 100
= (1.2 + 0.04) x 100
= 124, indicating an increase of 24%
The market-weighted index shows a 24% increase, which reflects what has actually happened to the total market value of all stocks: 2.5 billion to 3.1 billion is growth of 0.6 billion, which as a percent is (0.6)/(2.5) = 24%
5.You invest in a stock that pays $2 per quarter and
costs you $50.50 per share. At the end of the year
you expect the stock price to be $59.50. What is the expected rate of return on this stock? What is the
realized rate of return if the price of the stock is $52 at the end of the year?
Answer:
Expected rate of return = $2(4) + $59.50 - $50.50
$50.50
= 33.66% per year
Realized rate of return = $2(4) + $52 - $50.50
$50.50
= 18.81% per year
6.Outline the six core functions performed by the
financial system.
Answer:
The six core functions performed by the financial
system are:
1.To provide ways of managing risk.
2.To provide ways to transfer economic resources
through time, across borders, and among
industries.
3.To provide ways of clearing and settling
payment to facilitate trade.
4.To provide a mechanism for the pooling of
resources and for the subdividing of shares in
various enterprises.
5.To provide ways of dealing with the incentive
problems created when one party to a
transaction has information that the other party
does not, or when one party acts as an agent
for another.
6.To provide price information to help coordinate
decentralized decision making in various
sectors of the economy.
7.Outline the basic types of financial assets that are
traded in the markets.
Answer:
Debt instruments – issued by anyone who borrows
money – firms, government, and households.
Equity – the claim of the owners of a firm.
Corporations who issue equity securities are issuing common stock.
Derivatives – such as options and futures contracts that derive their value from the prices of one or
more other assets.
8.Describe how a banking panic can cause a
“contagion” to set in the economy.
Answer:
If there is a banking panic and if a bank does not have sufficient funds to pay off its depositors, then “contagion” can set in, and other banks are faced with a run. If there is a “flight to currency,” then a contagion problem occurs for the banking system as a whole, and the people refuse to hold deposits of any bank and insist on having currency.
9.Discuss the rates of return and volatility of U.S.
T-bills, U.S. Treasury bonds, and large stock over
the period of 1926-2003.
Answer:
From a historical perspective, T-bills have proved
to be the least risky asset class, whereas large stock has proved to be the most risky asset class.
Large stocks (as measured in the S&P 500 stock
portfolio) have provided an average rate of return
of 12.25% between 1926 and 2003, whereas T-bills have provided an average rate of return of 3.79%
and 5.64% for U.S. Treasury bonds.
Large stock returns, with a standard deviation of
20.5%, have also been the most volatile asset class
between 1926 and 2003. U.S. Treasury bonds had a standard deviation of 8.19% over the same period
and U.S. bills have been the least volatile asset
class, with a standard deviation of 3.18%.
https://www.doczj.com/doc/1813612556.html,e the data in the table below to compute both the
DIJ-type index and the market-weighted index for a hypothetical two-stock index. Discuss which index more accurately reflects the reality of the market.
Answer: DJI type index
= Average of current stock prices x 100 Average of stock prices in base year
= (60 + 120)/2 x 100
(110 + 60)/2
= 105.88, indicating an increase of 5.58%
market-weighted index = (0.79 x 60/100) + (0.21 x
120/60) x 100
= (0.43 + 0.42) x 100
= 85, indicating a decrease of 15%
The market-weighted index shows a 15% decrease, which more accurately reflects what has actually happened to the total market value of all stocks: 28 to 24 billion is a loss of 4 billion, which as a percent is
-4/28 =-14.29%.
Chapter Three
Managing Financial Health and Performance This chapter contains 62multiple choice questions, 19 short problems and 9 longer problems.
Multiple Choice
1.For a corporation, net worth is called ________.
(a) net income
(b) assets
(c) stockholder’s equity
(d) retained earnings
Answer: (c)
2.On a company’s published balance sheet, the value
of assets, liabilities and net worth, are measured at
________.
(a)expected market value
(b)current book value
(c)current market value
(d)historical acquisition costs
Answer: (d)
3.Any U.S. or non-U.S. company that wishes to list
its shares on a U.S. exchange must regularly report its activities by filing financial statements with the
________.
(a)SEC
(b)NYSE
(c)GAAP
(d)AMEX
Answer: (a)
4.Noncurrent assets typically consist of ________.
(a)accounts payable
(b)receivables and inventories
(c)cash and marketable securities
(d)property, plant, and equipment
Answer: (d)
5.The difference between a firm’s current assets and
its current liabilities is called ________.
(a)net worth
(b)net working capital
(c)net income
(d)stockholder’s equity
Answer: (b)
6.________ is the difference between revenues and
cost of goods sold.
(a)Operating income
(b)Gross margin
(c)Taxable income
(d)Change in retained earnings
Answer: (b)
7.________ is the difference between gross margin
and GS&A expenses.
(a)Operating income
(b)Gross margin
(c)Taxable income
(d)Net income
Answer: (a)
8.Although it differs from the income statement, the
statement of cash flows is a useful supplement to
the income statement because:
(a)it focuses attention on what is happening to
the firm’s cash position over time
(b)it avoids the judgments about revenue and
expense recognition that go into the income
statement
(c)it is influenced by accrual accounting
decisions
(d)(a) and (b)
Answer: (d)
9.On the statement of cash flows, the purchase of new
plant and equipment represents a ________.
(a)cash flow from operating activity
(b)cash flow from investing activity
(c)cash flow from financing activity
(d)total cash flow from (a) + (b) +(c )
Answer: (b)
10.On the balance sheet, the value of assets, liabilities,
and net worth are measured in accordance with
________.
(a)generally accepted economic principles
(b)generally accepted accounting principles
(c)market value accreditation
(d)generally adopted and accredited principles
Answer: (b)
11.________ is the official accounting value of assets
and shareholder’s equity.
(a)Market value
(b)Historical market value
(c)Book value
(d)Economic value added
Answer: (c)
12.Building up a good reputation for quality and
reliability, and building up a knowledge base as the result of past research and development, are both
examples of ________ that add to the firm’s
________.
(a)intangible assets, book value
(b)tangible assets, market value
(c)tangible assets, book value
(d)intangible assets, market value
Answer: (d)
13.The value of goodwill is the difference between the
________ of the acquisition and its ________.
(a)market price, book value
(b)amortized value, market price
(c)historical acquisition cost, book value
(d)market price, after tax value
Answer: (a)
14.At the beginning of 19X7 Success Galore has a
market price of $250 per share and at the end of the year $225.50. Cash dividends for the year are $7.50 per share. Compute the total shareholder returns.
(a) 6.8%
(b)–6.8%
(c)12.8%
(d)–12.8%
Answer: (b)
15.Success Galore had a market price of $178 per
share at the beginning of 19X7 and at the end of the year the price per share was $205.50. Cash
dividends for the year were $7 per share. Calculate
the total shareholder returns.
(a)19.38%
(b)–19.38%
(c)16.79%
(d)–16.79%
Answer: (a)
16.In 19X7, Kanga Inc. had a net income of $40.2
million, assets of $600 million, and shareholders’
equity of $405 million. Calculate the return on
equity.
(a)4%
(b)6.7%
(c)9.93%
(d)20.62%
Answer: (c)
17.Asset turnover ratios ________.
(a)assess the firm’s profitability
(b)assess the firm’s ability to use its assets
productively in generating revenue
(c)highlight the capital structure of the firm
(d)measure the ability of the firm to meet its
short-term obligations
Answer: (b)
Use the information below for BGB Manufacturing to answer Questions 18-22.
Exhibit for BGB Manufacturing 1997-1999
18.Calculate the current ratio for BGB Manufacturing
for 1998.
(a) 1.5 times
(b)2.43 times
(c)3.19 times
(d)4.25 times
Answer: (b)
19.Calculate the quick ratio for BGB Manufacturing
for 1997.
(a)0.25 times
(b)0.5 times
(c)0.75 times
(d)1.5 times
Answer: (c)
20.From the perspective of a bank loan officer from
1997 to the present, which of the following
statements best summarizes the information
revealed by the current ratio and quick ratio for
BGB Manufacturing?
(a)The ability of the firm to meet its long-term
obligations has deteriorated.
(b)The ability of the firm to meet its
short-term obligations has improved.
(c)The ability of the firm to meet its
short-term obligations has deteriorated.
(d)The ability of the firm to meet its long-term
obligations has improved.
Answer: (b)
21.Calculate the debt ratio for BGB Manufacturing for
1999.
(a)0.14%
(b)0.24%
(c)0.48%
(d)0.82%
Answer: (c)
22.Calculate the times interest earned (TIE) ratio for
BGB Manufacturing for 1998.
(a) 2.25 times
(b)2.7 times
(c)3.25 times
(d)5.2 times
Answer: (c)
23. If a firm’s tot al asset turnover ratio is 3.0:
(a)its average total assets are one-sixth of its
annual sales
(b)its average total assets are three times its
annual sales
(c)its annual sales are three times its average
total assets
(d)its annual sales are one-third of its total
assets
Answer: (c)
24. A firm has a P/E of 9 and a market to book ratio of
2.5. If EPS are $
3.50, what is the book value per
share?
(a) $8.75
(b) $12.60
(c) $31.50
(d) $78.75
Answer: (b)
25. A firm has EBIT of $3 million, sales of $15 million,
and average total assets of $30 million. Calculate its ROA.
(a) 6.67%
(b)10%
(c) 20%
(d) 50%
Answer: (b)
26. If the average inventory for a firm is $17 million and
inventory turnover is 0.9 times, what is its cost of
goods sold?
(a)$15.3 million
(b)$18.89 million
(c)$153 million
(d)$188.9 million
Answer: (a)
27. If the average total assets for the Heartland
Corporation are $660 million and EAT are $100
million, calculate its ROA. Assume a tax rate of
40% and interest of $3 million.
(a) 15.15%
(b) 15.6%
(c) 25.15%
(d) 25.71%
Answer: (d)
28. The beginning of year receivables for a firm are $40
million. If the receivables turnover for the firm is
4.2 times and its sales are $220 million, calculate
the firm’s end of year receivables.
(a) $24.76 million
(b) $52.38 million
(c) $64.76 million
(d) $168 million
Answer: (c)
29. In developing a financ ial plan, the first step is to:
(a) distribute rewards and punishments to
relevant parties
(b) develop the firm’s strategic plan
(c) establish specific performance targets for
the firm and its suppliers
(d) adjust targets based on the previous year’s
data
Answer: (b)
30. The planning horizon is an important component of
the financial planning process. Generally, the longer the horizon:
(a) the less detailed the financial plan
(b) the more detailed the financial plan
(c) the more performance targets the financial
plan will include
(d) the less a financial plan is needed
Answer: (a)
31. The “blueprints,” or the tangible outcomes of the
financial planning process, are in the form of:
(a) executive stock options
(b) auditor’s recommendations
(c) projected financial statements and budgets
(d) tactical plans and budgets
Answer: (c)
32. Based on a consideration of the planning horizon,
which of the following projects is most likely to
consist of the most detailed financial plans?
(a) a five-year financial plan
(b) a one-year financial plan
(c) a six-month financial plan
(d) a one-month financial plan
Answer: (d)
33. Forecasting sales for the next year and assuming
that most of the items on the income statement and balance sheet will maintain the same ratio to sales
as in the previous year is called the
_______________ method.
(a) forecast ratio
(b) percent-of-sales
(c) planning horizon
(d) financial predictor
Answer: (b)
34. Using the percent-of-sales method, which of the
following variables are typically assumed to
increase proportionately with sales?
(a) costs
(b) EBIT
(c) assets
(d) all of the above
Answer: (d)
35. Rupert’s Glassworks Ltd. has an inventory period of
50 days, a receivables period of 55 days, and a
payables period of 40 days. Compute its cash cycle time.
(a) 35 days
(b) 45 days
(c) 65 days
(d) 105 days
Answer: (c)
Questions 36 through 45 refer to the following information:
Income Statement data and Balance Sheet data is provided for the firm Neural Way Inc. for 19x7 and
19x8.
36. From the financial data provided, which of the following items has maintained a fixed ratio to sales?
(a) interest expense
(b) net income
(c) rent expense
(d) taxes
Answer: (c)
37.What is the ratio between sales and dividend
payments in 19x8?
(a) 3.22%
(b) 4.25%
(c) 4.61%
(d) 6.09%
Answer: (c)
38.Calculate the rate of sales growth from 19x7 to
19x8.
(a) 48%
(b) 32%
(c) 24.24%
(d) 31.25%
Answer: (b)
39.What is the firm’s return on equity for 19x8?
(a) 10.14%
(b) 13.36%
(c) 19.85%
(d) 40.91%
Answer: (b)
40.What is the firm’s external financing f unding
requirement determined to be for 19x8?
(a) $774,415
(b) $873,681
(c) $911,372
(d) $972,947
Answer: (a)
41.If it is assumed that sales will grow by 17% for
19x9, then sales for 19x9 are forecast to be
________.
(a) $1,755,000
(b) $2,316,600
(c) $2,613,600
(d) $11,647,059
Answer: (b)
42.If sales growth is forecast to be 17% for 19x9, what
is the forecast gross margin for 19x9?
(a) $393, 822
(b) $822,393
(c) $873,300
(d) $927,828
Answer: (b)
43.How much additional funding will the firm need for
19x9?
(a) $709,544
(b) $639,979
(c) $618,863
(d) $549,288
Answer: (d)
44.In 19x7, taxable income is what proportion of sales?
(a) 5.72%
(b) 6.11%
(c) 16.34%
(d) 17.74%
Answer: (c)
45.In 19x8, common stock is what proportion of sales?
(a) 28.18%
(b) 58.08%
(c) 76.67%
(d) 86.26%
Answer: (b)
46.Which is the correct formula for calculating a firm’s
sustainable growth rate?
(a) sustainable growth rate = earnings
retention rate x ROE
(b) sustainable growth rate = earnings retention
rate x ROI
(c) sustainable growth rate = (1 – dividend
payout) x ROE x ROI
(d) sustainable growth rate = share repurchase
rate x ROI
Answer: (a)
47. Lucinda Inc. has the following fixed ratios:
Asset Turnover = 0.6 Times per Year
Debt/Equity Ratio = 1.5
F in a n cia l S ta tem en ts
fo r N eu ra l W a y In c.
19x719x8
In co m e S ta tem en t
S ales$1,500,000$1,980,000 C o st o f G o o d s S o ld$967,500$1,277,100 G ro ss M argin$532,500$702,900 O p eratin g E x p en ses
A d vertisin g E x p en se$50,400$66,528 R en t E x p en se$72,000$95,040 S alesp erso n C o m m issio n E x p en se$48,000$63,360 U tilities E x p en se$15,000$19,800 E
B IT$347,100$458,172 In terest E x p en se$102,000$107,000 T ax ab le In co m e$245,100$351,172 T ax es (@35%)$85,785$122,910 N et In co m e$159,315$228,262 D ivid en d s (40% p ayo u t)$63,726$91,305
C h an ge in S h areh o ld ers E q u ity$95,589$136,957
B a la n ce S h eet
A ssets
C ash an d E q u ivalen ts$310,000$409,266 R eceivab les$205,000$270,666 In ven to ries$720,000$950,400 P ro p erty, P lan t an d E q u ip m en t$1,956,000$2,571,306 T o tal A ssets$3,191,000$4,201,638
L iab ilities
P ayab les$310,000$409,266 S h o rt T erm D eb t (10% in terest)$510,000$1,088,535 L o n g T erm D eb t (7% in terest)$800,000$995,880 S h areh o ld ers eq u ity
C o m m o n S to ck$1,150,000$1,150,000 R etain ed earn in gs$421,000$557,957 T o tal L iab ilities an d E q u ity$3,191,000$4,201,638
Dividend Payout Ratio = 0.53
ROE = 25% per Year
What is the sustainable growth rate for this
firm?
(a) 10%
(b) 11.75%
(c) 15%
(d) 39.75%
Answer: (b)
48.Onegin Corporation has the following fixed ratios:
Asset Turnover = 0.4 Times per Year
Debt/Equity Ratio = 1.4
Dividend Payout Ratio = 0.49
ROE = 27% per Year
What is the sustainable growth rate for this firm?
(a) 13.77%
(b) 14%
(c) 16.2%
(d) 18.25%
Answer: (a)
49. If a firm’s working capital need is permanent rather than seasonal, the firm ________.
(a) will usually seek short-term financing for it
(b) will not seek financing at all
(c) will revise its strategic plan immediately
(d) will usually seek long-term financing for it
Answer: (d)
50. Which of the following is not part of a firm’s working capital?
(a) inventories
(b) accounts payable
(c) plant and equipment
(d) cash
Answer: (c)
51. Working capital is defined to be ________.
(a) the difference between current assets and
current liabilities
(b) the difference between accounts receivable
and accounts payable
(c) the difference between current assets and
s hareholders’ equity
(d) the difference between total assets and total
liabilities
Answer: (a)
52. The cash cycle time begins with ________and ends with ________.
(a) payment of cash to suppliers, liquidation of
inventory
(b) receipt of cash from customers, payment of
cash to suppliers
(c) payment of cash to suppliers, receipt of
cash from customers
(d) selling of purchase on credit, receipt of
cash from customers
Answer: (c)
53. Which of the following is the correct representation of the cash cycle time?
(a) Cash cycle time = inventory period –
payables period
(b) Cash cycle time = inventory period –
receivables period – payables period
(c) Cash cycle time = receivables period –
payables period
(d) Cash cycle time = inventory period +
receivables period – payables period
Answer: (d)
54. A firm’s required investment in working capital is
________ to the cash cycle length of time.
(a) inversely proportional
(b) directly related
(c) indirectly related
(d) not related at all
Answer: (b)
Use the following data to answer Questions 55 - 59
Prepare a multi-step income statement for Kangarucci Inc. (a retailer) for the year ending December 31, 1997. Use the information below:
Interest Expense 18,799 Beginning Inventory 422,550 Depreciation 14,861 General and Administrative Expenses
19,745
Advertising 14,090 Interest Income 5,087 Ending Inventory 456,988 Gross Sales 543,777 Taxes 10,006
Lease Payments 61,444 Purchase of Materials 199,766 Returns and Allowances 9,888
R&D Expenditures 12,867 Repairs and Maintenance 7,542
55. The cost of goods sold is ________.
(a)$34,438
(b)$165,328
(c)$199,766
(d)234,204
Answer: (b)
56. The operating expenses for the period are
________.
(a)$95,279
(b)$110,140
(c)$115,688
(d)$130,549
Answer: (d)
试题一 二、单项选择题（每小题2分，共10分） 1、在下列货币制度中劣币驱逐良币律出现在（）。 A、金本位制 B、银本位制 C、金银复本位制 D、金汇兑本位制 2、下列利率决定理论中，那种理论是着重强调储蓄与投资对利率的决定作用的。（） A、马克思的利率理论 B、流动偏好理论 C、可贷资金理论 D、实际利率理论 3、国际收支出现巨额逆差时，会导致下列哪种经济现象。（） A、本币汇率贬值，资本流入 B、本币汇率升值，资本流出 C、本币汇率升值，资本流入 D、本币汇率贬值，资本流出 4、超额准备金作为货币政策中介指标的缺陷是（）。 A、适应性弱 B、可测性弱 C、相关性弱 D、抗干扰性弱 5、货币均衡的自发实现主要依靠的调节机制是（）。 A、价格机制 B、利率机制 C、汇率机制 D、中央银行宏观调控 三、多项选择题（每小题3分，共15分） 1、信用货币制度的特点有（）。 A、黄金作为货币发行的准备 B、贵金属非货币化 C、国家强制力保证货币的流通 D、金银储备保证货币的可兑换性 E、货币发行通过信用渠道 2、银行提高贷款利率有利于（）。 A、抑制企业对信贷资金的需求 B、刺激物价上涨 C、刺激经济增长 D、抑制物价上涨 E、减少居民个人的消费信贷 3、汇率变化与资本流动的关系是。（） A、汇率变动对长期资本的影响较小。 B、本币汇率大幅度贬值会引起资本外逃。 C、汇率升值会引起短期资本流入。 D、汇率升值会引起短期资本流出。 4、下列属于货币市场金融工具的是（）。 A、商业票据 B、股票 C、短期公债 D、公司债券 E、回购协议 5、治理通货膨胀的可采取紧缩的货币政策，主要手段包括（） A、通过公开市场购买政府债券 B、提高再贴现率 C、通过公开市场出售政府债券 D、提高法定准备金率
第一章货币与货币制度 二、单项选择题 (每题1分，共15题) 1．货币的产生是＿C＿。 A由金银的天然属性决定的 B 国家发明创造的 C商品交换过程中商品内在矛盾发展的产物 D人们相互协商的结果 2．货币在＿D＿时执行价值尺度职能。 A 商品买卖 B 缴纳租金 C 支付工资 D 给商品标价时 3．货币在＿D＿时执行价值贮藏职能。 A 支付水电费 B 购买商品 C 表现和衡量商品价值 D 准备用于明年的购买 4．货币执行支付手段职能的特点是＿D＿。 A 货币是商品交换的媒介 B 货币运动伴随商品运动 C 货币是一般等价物 D 货币作为价值的独立形式进行单方面转移 5．在金属货币流通条件下，货币在执行贮藏手段职能时，能自发的调节＿B＿。 A 货币流通 B 货币必要量 C 生产规模 D 投资规模 6．中国工商银行发行的电子货币是＿＿。 A 牡丹卡 B VISA卡 C 长城卡 D 金穗卡 7．货币单位规定有含金量，但国内流通银行券，无铸币流通，无金块可供兑换，银行券可兑换外币汇票是（C ）。 A 金块本位制 B 金铸币本位制 C 金汇兑本位制 D 银行券制 8．目前世界各国实行的是＿D＿。 A 银本位制 B 金本位制 C 金、银复本位制 D 不兑现信用货币制度 9．金银复本位制中,金银两种货币比价均各按其市场价值决定的货币制度是＿＿。 A平行本位制 B双本位制 C跛行本位制 D单本位制 10．金币本位制的特点是＿B＿。 A货币单位规定有含金量，但不铸造、不流通金币 B金币可以自由铸造和熔化 C 纸币仍是金单位 D金银铸币同时流通 11．劣币驱逐良币规律中所谓的劣币是指＿B＿。 A名义价值高于实际价值的货币 B名义价值低于实际价值的货币 C没有名义价值的货币 D没有实际价值的货币 12．与本位币相比,辅币具有如下特点＿A＿。 A为有限法偿货币 B为不足值货币 C国家垄断铸造 D币材多为贱金属 13．我国货币制度规定，人民币具有以下特点＿B＿。 Ａ人民币与黄金有直接联系Ｂ人民币是可兑现的银行券 Ｃ人民币与黄金没有直接联系Ｄ人民币不与任何外币确定正式联系 14．弗里德曼将货币定义为B A 流动性 B M2 C 商业银行储蓄 D购买力的暂息所 15．＿＿指出货币和资本作为每一个新开办的企业的第一推动力和持续的动力。 A．凯恩斯B．马克思 C．弗里德曼 D．卢卡斯 三、判断题 (共10题，每题1分) 1．凯恩斯是个典型名目主义者，他认为货币是用于债务支付和商品交换的一种符号。对 2．商品交换必须具备两个前提条件：分工与货币。错 3．市场是交换关系的总和，货币是交换的媒介和桥梁。对 4．马克思的货币本质观认为，货币是固定地充当一般等价物的特殊商品。对 5．金融资产的流动性也称作“货币性”，它反映了金融资产的盈利能力。错
第二章货币与货币制度 一、判断题（正确为"，错误为x） 1、货币资产是传统的、最基本的和最重要的金融资产。 2、中国使用最早和使用时间最长的铸币是银币。 3、世界上最早的货币是实物货币。 4、货币成为交易的媒介，提高了交易效率，降低了交易成本。 5、电子货币不属于信用货币。 6、货币在地租、借贷以及工资等方面的支付中发挥的职能是交易媒介。 7、本位币是一国货币制度法定作为价格标准的基本货币，具有有限法偿效力。 8、世界上最早的纸质货币是北宋交子。 9、金本位制又可分为金币本位、金块本位和金汇兑本位三种不同的形态，其中以金块本位为最典型的金本位制。 10、称量货币在中国的典型形态是银两制度。 11、辅币的实际价值低于名义价值，具有无限的法偿效力。 12、在现代社会，现金在社会交易额中的使用比例很小，主体是存款货币。 13、世界各国在对货币进行层次划分时，都以其“流通性”作为依据和标准。 14、定期存款的流动性比股票弱。 15、香港地区的港币发行准备是美元外汇。 16、世界上最早实行金本位制的国家是美国。 17、在金本位制下，各国货币的汇率由“金平价”来决定。 18、布雷顿森林体系，实际上是一个变相的金汇兑本位制。 19、超主权储备货币的出现，能够有效克服“特里芬难题”。 20、港币和澳门币分别由香港中央银行和澳门中央银行发行。 二、单项选择题 1、在金属货币制度下，本位币的名义价值与实际价值是（）。 A、呈正比B 、呈反比 C 、相一致D 、无关 2 辅币的名义价值（) 其实际价值。 、 A 、高于 B 、低于C、等于D、不确定 3 最早实行金币本位制的国家是（）。 、 A 、美国 B 、英国 、日本 C、法国D 4 辅币的特点（）。 、 A 、是一种足值货币B、不能自由铸造
西华大学课程考试（考查）试题卷（ B 卷） 试卷编号： 一单项选择题（每小题只有一个正确答案。每小题1.5分，共12分。） 1．商业银行最早萌芽于17世纪末叶设立的（） A. 瑞典国家银行 B. 英格兰银行 C.法兰西银行 D.德国国家银行2．按我国货币供应量的统计口径，准货币指（） A. 流通中的现金 B. 活期性质存款 C. M2-M1 D.储蓄存款 3．商业汇票签发后，必须经过债务人的认可和承认，即债务人签字、划押、盖章的过程，这一行为称为（） A.背书 B.承兑 C.贴现 D.转让 4．在商品的赊买赊卖过程中，货币发挥的职能是（） A.价值尺度 B.交易媒介 C.支付手段 D.贮藏手段 E.世界货币 5．2月10 日，美元兑日元的报价为 103.00美元=100.00日元 2月15 日，美元兑日元的报价为 101.00美元=100.00日元。则贬值的货币是（）B. 日元 C.美元和日元 A.美元 D.不能确定。6．商业银行开展的代理保险业务属于（）A. 中间业务 B.表外业务 C. 资产业务 D. 负债业务 ）7．商业银行开展的贷款承诺业务属于（ A. 中间业务 C. B.D. 负债业务表外业务资产业务8．中央银行从商业银行收购外汇或黄金，意味着（） A.基础货币从中央银行流出，基础货币与商业银行的存款准备金等额增加，货币供应量多倍扩张 B.基础货币从中央银行流出，基础货币与商业银行的存款准备金等额增加，货币供应量等额扩张 C.基础货币流入中央银行，基础货币与商业银行的存款准备金等额减少，货币供应量多倍收缩 D.基础货币从中央银行流出，商业银行的存款准备金多倍增加，货币供应量多倍扩张 ）分，共16分。二、多项选择题（每小题有两个以上的正确答案。每小题21．人民币符合以下特点（） A. 是信用货币 B.起一般等价物作用 C.是我国唯一合法流通的货币 D.是典型的国家货币 E.由中国人民银行统一发行 2．商业银行的资产业务有（） A. 准备金 B. 应收现金 C.存款 D.同业存款 E.贷款 F.证券 3．银行保持超额准备金的目的是（） A. 保持银行资产的流动性 B. 降低银行的经营风险 C.用于银行间票据交换差额的清算 D.应付不可预料的现金提取 E.等待有利的贷款或投资机会 4．在下列各项中，属于中央银行“政府的银行”职能的内容是（）。 A. 充当最后贷款人 B. 代理国库 C.监督和管理全国的商业银行 D.制定和执行货币政策 E.作为全国票据清算中心，实现商业银行之间的票据清算 5．商业银行经营的原则包括（）。
.
7．商业银行流动性最高而收益性最低的资产是（）A．短期债券 B．流动性贷款 C．票据贴现 D．现金 8．中央银行作为特殊的金融机构，其业务对象为（）A．一国金融机构与工商企业 B．一国政府与金融机构 C．一国工商企业与金融机构 D．工商企业与个人 》 9．根据凯恩斯流动性偏好理论，当预期利率上升时，人们就会（）A．抛售债券而持有货币 B．抛出货币而持有债券 C．只持有货币 D．只持有债券 10．目前，我国货币政策的操作目标是（）A．利率 B．基础货币 C．货币供应量 D．贷款限额 二、多选题（多选、少选、错选均不得分，每小题2分，共20分） 即现钞，是具有最强购买力的货币，包括（）1．M A. 流通于银行体系外的现钞 B. 居民手中的现金 C. 企业单位的备用金 D. 商业银行的库存现金 2．货币制度的基本构成要素包括（）A．规定货币材料 B．规定货币价值 C．规定货币名称、货币单位: D．规定各种通货的铸造、发行和流通程序 E．确定货币发行保证制度 3．经济学中的信用是一种体现特定经济关系的借贷行为，其基本特征是（）A．流动性 B．安全性 C．偿还性 D．付息性 4．决定利率水平的因素是复杂多样的，主要有（）A．平均利润率 B．借贷资金的供求状况 C．中央银行货币政策 D．预期通货膨胀率 E．均衡利率 5．下列属于货币市场子市场的是（）A．票据市场 B．银行同业拆借市场 C．债券回购市场
》 D．股票市场 E．短期债券市场
3.在商业银行的资产管理中，流动性是一项重要原则，因此，商业银行应该保留尽可能多的现金准备。 4.再贴现是指银行以贴现购得的没有到期的票据向其他商业银行所做的票据转让。 》 5.中央银行对货币供应具有完全的控制力。 四、简答题（4题，共25分） 1．举例说明“劣币驱逐良币律”在现今生活中的运用。（5分） ￥ 2．如何理解现代经济是信用经济（5分）
第一章货币与货币制度 一、填空 1、中国最古老的金属铸币是________。 2、世界上最早的纸币是________。 3、人民币是________年12月1日由中国人民银行发行的，这标志着新中国货币制度建立的开端。 4、价格的________是货币的购买力。 5、货币的职能中，_________ 和_________是摆在首位的两个货币职能。 6、所谓“流通中的货币”，就是发挥________职能的货币和发挥________职能的货币的总和。 7、世界上最早实行金本位制的是________国，于1816年正式宣布实行金本位， 8、当币材的构成要素消失之后，________就成为货币制度中的核心构成要素。 9、________是一个国家流通中的基本通货。 10、金本位制之前，在资本主义发展初期，最典型的货币制度是________。 二、选择 1、历史上最早出现的货币形态是（）。 A、实物货币 B、信用货币 C、金属货币 D、电子货币 2、中国最早的货币是（）。 A、贝 B、布帛 C、银两 D、交子 3、中国最早的货币金属是（）。 A、金 B、银 C、铜 D、铁 4、贝和布帛是我国历史上的（）。 A、信用货币 B、纸币 C、实物货币 D、金属货币 5、发挥流通手段职能的货币（） A、是观念上、想象中的货币 B、是现实的、实在的货币 C、必须是足值的 D、不必是足值的 6、货币在（）中执行流通手段的职能。 A、商品买卖 B、银行存款 C、支付工资 D、表现商品价值 7、在商品赊销、预付货款的活动中，货币执行的是（）职能。 A、价值尺度 B、流通手段 C、支付手段 D、贮藏手段 8、最早实行金币本位制的国家是（）。 A、美国 B、英国 C、法国 D、日本 9、（）是一种相对稳定的货币制度。 A、金币本位制 B、金汇兑本位制 C、金银复本位制 D、金块本位制
西华大学课程考试（考查）试题卷（ B卷） 试卷编号： 一单项选择题（每小题只有一个正确答案。每小题1.5分，共12分。） 1．商业银行最早萌芽于17世纪末叶设立的（） A. 瑞典国家银行 B. 英格兰银行 C.法兰西银行 D.德国国家银行 2．按我国货币供应量的统计口径，准货币指（） A. 流通中的现金 B. 活期性质存款 C. M2-M1 D.储蓄存款 3．商业汇票签发后，必须经过债务人的认可和承认，即债务人签字、划押、盖章的过程，这一行为称为（） A.背书 B.承兑 C.贴现 D.转让 4．在商品的赊买赊卖过程中，货币发挥的职能是（） A.价值尺度 B.交易媒介 C.支付手段 D.贮藏手段 E.世界货币 5．2月10日，美元兑日元的报价为 103.00美元=100.00日元 2月15日，美元兑日元的报价为 101.00美元=100.00日元。 则贬值的货币是（） A.美元 B.日元 C.美元和日元 D.不能确定。 6．商业银行开展的代理保险业务属于（） A. 中间业务 B.表外业务 C. 资产业务 D. 负债业务 7．商业银行开展的贷款承诺业务属于（） A. 中间业务 B.表外业务 C. 资产业务 D. 负债业务 8．中央银行从商业银行收购外汇或黄金，意味着（） A.基础货币从中央银行流出，基础货币与商业银行的存款准备金等额增加，货币供应量多倍扩张 B.基础货币从中央银行流出，基础货币与商业银行的存款准备金等额增加，货币供应量等额扩张 C.基础货币流入中央银行，基础货币与商业银行的存款准备金等额减少，货币供应量多倍收缩 D.基础货币从中央银行流出，商业银行的存款准备金多倍增加，货币供应量多倍扩张 二、多项选择题（每小题有两个以上的正确答案。每小题2分，共16分。） 1．人民币符合以下特点（） A. 是信用货币 B.起一般等价物作用 C.是我国唯一合法流通的货币 D.是典型的国家货币 E.由中国人民银行统一发行 2．商业银行的资产业务有（） A. 准备金 B. 应收现金 C.存款 D.同业存款 E.贷款 F.证券 3．银行保持超额准备金的目的是（） A. 保持银行资产的流动性 B. 降低银行的经营风险 C.用于银行间票据交换差额的清算 D.应付不可预料的现金提取 E.等待有利的贷款或投资机会 4．在下列各项中，属于中央银行“政府的银行”职能的内容是（）。 A. 充当最后贷款人 B. 代理国库 C.监督和管理全国的商业银行 D.制定和执行货币政策 E.作为全国票据清算中心，实现商业银行之间的票据清算 5．商业银行经营的原则包括（）。 A. 盈利性 B. 社会性 C.流动性 D.安全性 E.合理性 6．公司债券的主要特点是（） A. 在指定时间按票面金额还本付息 B. 与政府债券相比投资风险较大 C.在二级市场上的流动性不如政府债券 D.收益不固定 E.没有到期日 7．根据骆驼（CAMEL）评级体系，对商业银行的监管的内容主要有（） A. 资本 B. 贷款规模 C.管理水平 D.收益水平 E.流动性 F.资产 8．根据贷款的五级分类方法，不良贷款包括（） A. 正常贷款 B. 关注贷款 C.次级贷款 D.可疑贷款 E.损失贷款 三判断题（每小题1.5分，共15分）
金融学期末考试试题
金融学期末考试试题 一、名词解释(每小题3分，共15) 1．资本与金融项目:反映的是资产所有权在国际间的流动，包括资本项目和金融项目。 2．贮藏手段:当货币由于种种原因而推出流通领域，被持有者当做独立的价值形态和社会财富的一般代表而保存起来。这时，货币就发挥着贮藏手段的职能。贮藏手段是在价值尺度和流通尺度的基础之上建立起来的。 3．证券交易所：是专门的、有组织的证券买卖集中交易的场所 4．出口信贷：出口信贷是出口国为支持和扩大本国产品的出口，提高产品的国际竞争能力，通过提供利息补贴和信贷担保的方式，鼓励本国银行向本国出口商或外国进口商提供的中长期信贷。 5．浮动利率：是指在整个借贷期限内，利率随市场利率的变化而定期调整的利率。 二、判断正确与错误(正确的打√，错误的打X。每小题1分，共10分。答对给分，答错扣分，不答不给分) 1．经济发展的商品化是货币化的前提与基础，但商品化不一定等于货币化。( √ ) 2．商业票据不能作为信用货币的形式。 (× ) 3．格雷欣法则是在金银平行本位制中发生作用的。 ( × ) 4．当市场利率上升时，证券行市也上升。 (× ) 5．中央银行独占货币发行权是中央银行区别于商业银行的根本标志。 ( √) 6．银行和保险业务收支在国际收支平衡表中属于资本项目。 (× ) 7．现金漏损与贷款余额之比称为现金漏损率，也称提现率。 ( × ) 8．物价上涨就是通货膨胀。 ( × ) 9．基准利率一般属于长期利率。 ( × ) 10．通知放款是商业银行之间的短期资金拆借。 (√) 三、单项选择题(每小题1分，共10分，每小题有一项答案正确，请将正确答案的序号填写在括号内) 1．中国第一家现代银行是( D ) A．汇丰银行 B．花旗银行
韶关学院2011－2012学年第二学期 经济管理学院《金融学》期末考试试卷（A 卷） 年级 __ _ _ 专业 __ ___ 班级 _ _ 学号 姓名 ____ ___ 注：1、共120分钟，总分100分 。 2、此试卷适用专业：工商管理、人力资源管理 一、 单项选择题：（下列各题只有一个符合题意的正确答案。将你选定的答案编号填入每 题的答案栏中。本大题共10小题，每小题1分，共10分。） 1、货币的本质特征是充当（ ）。 A 、普通商品 B 、特殊商品 C 、一般等价物 D 、特殊等价物 2、一直在我国占主导地位的信用形式是（ ）。 A 、银行信用 B 、国家信用 C 、消费信用 D 、民间信用 3、目前，我国实施的人民币汇率制度是：（ ） A 、固定汇率制 B 、弹性汇率制 C 、钉住汇率制 D 、管理浮动汇率制 4、如果借款人的还款能力出现了明显的问题，依靠其正常经营已经无法保证足额偿还本息，那么该笔贷款属于五级分类法中的：（ ） A 、关注 B 、次级 C 、可疑 D 、损失 5、现金漏损率越高，则存款货币创造乘数：（ ） A 、越大 B 、越小 C 、不变 D 、不一定 6、我国货币政策的首要目标是（ ）。 A 、充分就业 B 、币值稳定 C 、经济增长 D 、国际收支平衡 7、某公司获得银行贷款100万元，年利率6%，期限为3年，按年计息，复利计算，则到
期后应偿还银行本息共为：（） A、万 B、万 C、118万 D、万 8、在采用直接标价的前提下，如果需要比原来更少的本币就能兑换一定数量的外国货币，这表明：（） A、本币币值上升，外币币值下降，通常称为外汇汇率上升 B、本币币值下降，外币币值上升，通常称为外汇汇率上升 C、本币币值上升，外币币值下降，通常称为外汇汇率下降 D、本币币值下降，外币币值上升，通常称为外汇汇率下降 9、金融机构之间发生的短期临时性借贷活动是：（） A、贷款业务 B、票据业务 C、同业拆借 D、再贴现 10、一般是由政府设立，以贯彻国家产业政策、区域发展政策等为目标，盈利目标居次要地位的金融机构是：（） A、中央银行 B、存款货币银行 C、投资银行 D、政策性银行 二、多项选择题：（下列各题有两个或两个以上符合题意的正确答案。将你选定的答案编号填入每题的答案栏中。本大题共10小题，每小题2分，共20分。） 1、在商品交换过程中，价值形式的发展经历了四个阶段，这四个阶段是（）。 A、简单的价值形式 B、等价形式 C、扩大的价值形式 D、货币形式 E、一般价值形式 2、我国货币制度规定，人民币应具有以下特点（）。 A、是不可兑现的银行券 B、是可兑现的银行券 C、与黄金没有直接联系 D、具有无限法偿能力 E、法偿能力是有限的 3、我国利率的决定与影响因素主要有（）。 A、利润的平均水平 B、资金的供求状况 C、物价的变动幅度 D、国际经济环境 E、政策性因素
金融学期末试题a及答案 Final revision on November 26, 2020
韶关学院2011－2012学年第二学期 经济管理学院《金融学》期末考试试卷（A 卷） 年级 __ _ _ 专业 __ ___ 班级 _ _ 学号 姓名 ____ ___ 注：1、共120分钟，总分100分 。 2、此试卷适用专业：工商管理、人力资源管理 一、 单项选择 题：（下 列各题只有一个符合题意的正确答案。将你选 定的答案编号填入每题的答案栏中。本大题共10小题，每小题1分，共10分。） 1、货币的本质特征是充当（ ）。 A 、普通商品 B 、特殊商品 C 、一般等价物 D 、特殊等价物 2、一直在我国占主导地位的信用形式是（ ）。 A 、银行信用 B 、国家信用 C 、消费信用 D 、民间信用 3、目前，我国实施的人民币汇率制度是：（ ） A 、固定汇率制 B 、弹性汇率制 C 、钉住汇率制 D 、管理浮动汇率制 4、如果借款人的还款能力出现了明显的问题，依靠其正常经营已经无法保证足额偿还本息，那么该笔贷款属于五级分类法中的：（ ） A 、关注 B 、次级 C 、可疑 D 、损失 5、现金漏损率越高，则存款货币创造乘数：（ ） A 、越大 B 、越小 C 、不变 D 、不一定 6、我国货币政策的首要目标是（ ）。 A 、充分就业 B 、币值稳定 C 、经济增长 D 、国际收支平衡 7、某公司获得银行贷款100万元，年利率6%，期限为3年，按年计息，复利计算，则到期后应偿还银行本息共为：（ ） A 、11.91万 B 、119.1万 C 、118万 D 、11.8万 8、在采用直接标价的前提下，如果需要比原来更少的本币就能兑换一定数量的外国货币，这表明：（ ） A 、本币币值上升，外币币值下降，通常称为外汇汇率上升 B 、本币币值下降，外币币值上升，通常称为外汇汇率上升
金融学期末考试试题 一、名词解释 (每小题 3 分，共 15) 1．资本与金融项目—— 2．贮藏手段— — 3．证券交易所—— 4．出口信贷—— 5．浮动利率—— 二、判断正确与错误(正确的打V,错误的打X。每小题1分，共10分。答对给分，答错扣分，不答不给分 ) 1．经济发展的商品化是货币化的前提与基础，但商品化不一定等于货币化。( ) 2．商业票据不能作为信用货币的形式。( ) 3．格雷欣法则是在金银平行本位制中发生作用的。( ) 4．当市场利率上升时，证券行市也上升。( ) 5．中央银行独占货币发行权是中央银行区别于商业银行的根本标志。 ( ) 6．银行和保险业务收支在国际收支平衡表中属于资本项目。( ) 7．现金漏损与贷款余额之比称为现金漏损率，也称提现率。( ) 8．物价上涨就是通货膨胀。( ) 9．基准利率一般属于长期利率。( ) 10．通知放款是商业银行之间的短期资金拆借。( ) 三、单项选择题 (每小题 1 分，共 10分，每小题有一项答案正确，请将正确答案的序号填写在括号内 ) 1．中国第一家现代银行是 ( ) A ．汇丰银行 B ．花旗银行 C ．英格兰银行 D 。丽如银行 2．( ) 膨胀是引起财政赤字和银行信用膨胀的主要原因 A ．消费需求 B ．投资需求 C ．社会总储蓄 D ．社会总需求 3．银行持有的流动性很强的短期有价证券是商业银行经营中的 ( ) A ．第一道防线 B ．第二道防线 C ．第三道防线 D 。第四道防线 4．银行在大城市设立总行，在本市及国内外各地普遍设立分支行的制度是
( ) A ．单一银行制 B ．总分行制 C ．持股公司制 D ．连锁银行制 5．著名国际金融专家特里芬提出的确定一国储备量的指标是各国的外汇储备应大致相当—国 ( ) 个月的进口额 A ．三 B ．六 C ．九 D ．十 6．下列属于消费信用的是 ( ) A ．直接投资 B ．银团贷款 C ．赊销 D 。出口信贷 7．金本位制下， ( ) 是决定两国货币汇率的基础 A ．货币含金量 B ．铸币平价 C ．中心汇率 D ．货币实际购买力 8．专门向经济不发达会员国的私营企业提供贷款和投资的国际金融组织是 ( ) A ．国际开发协会 B ．国际金融公司 C ．国际货币基金组织 D 。国际清算银行 9．属于管理性金融机构的是 ( ) A ．商业银行 B ．中央银行 C ．专业银行 D ．投资银行 10．属于货币政策远期中介指标的是 ( ) A ．汇率 B ．超额准备金 C.利率 D .基础货币四、多项选择题 (每小题 2 分，共 20分，每小题有数目不等的答案正确，请将所有正确答案的序号填写在括号内 ) 1．商业银行在经营活动中可能面临的风险有 ( ) A ．信用风险 B 。资产负愤失衡风险 C ，来自公众信任的风险 D ．竞争的风险 E ．市场风险 2．按照外汇支付方式划分的汇率是 ( ) A ．卖出汇率 B ．买人汇率 C ．信汇汇率 D ．票汇汇率 E ．电汇汇率
金融学试题库 第一章货币概述 一、单项选择题 1．金融的本源性要素是 A. 货币 B. 资金 C. 资本 D. 市场 2．商品价值最原始的表现形式是 A. 货币价值形式 B. 一般价值形式 C.总和的或扩大的价值形式 D. 简单的或偶然的价值形式 3．一切商品的价值共同表现在某一种从商品世界中分离出来而充当一般等价物的商品上时，价值表现形式为 A. 货币价值形式 B. 一般价值形式 C.总和的或扩大的价值形式 D. 简单的或偶然的价值形式 4．价值形式的最高阶段是 A. 货币价值形式 B. 一般价值形式 C.总和的或扩大的价值形式 D. 简单的或偶然的价值形式 5．货币最早的形态是 A. 实物货币 B.代用货币 C.信用货币 D. 电子货币 6．最适宜的实物货币是 A. 天然贝 B. 大理石 C. 贵金属 D. 硬质合金硬币 7．中国最早的货币是 A. 银圆 B. 铜钱 C. 金属刀币 D. 贝币 8．信用货币本身的价值与其货币价值的关系是 A. 本身价值大于其货币价值 B.本身价值等于其货币价值 C. 本身价值小于其货币价值 D. 无法确定 9．在货币层次中M0是指 A. 投放的现金 B. 回笼的现金 C. 流通的现金 D. 贮藏的现金 10．从近期来看，我国货币供给量相含层次指标系列中观察和控制的重点是 A. M0 B. M1 C. M2 D. M0和M1 11．从中长期来看，我国货币供给量相含层次指标系列中观察和控制的重点是 A. M0 B. M1 C. M2 D. M0和M1 12．货币在表现商品价值并衡量商品价值量的大小时，发挥的职能是 A. 价值尺度 B. 流通手段 C. 贮藏手段 D. 支付手段13．货币在充当商品流通媒介时发挥的职能是
题库中客观题的答案已全部附上，主观题的答案学生自己看书，全在书上 ：期末考试的选择题、判断题大部分来源于题库；名词解释、简答与论述全部出自于题库。第一章货币与货币制度 一、不定项选择题 1、与货币的出现紧密相联的是（ B ） A、金银的稀缺性 B、交换产生与发展 C、国家的强制力 D、先哲的智慧 2、商品价值形式最终演变的结果是（ D ） A、简单价值形式 B、扩大价值形式 C、一般价值形式 D、货币价值形式 3、中国最早的铸币金属是（ A ） A、铜 B、银 C、铁 D、贝 4、在下列货币制度中劣币驱逐良币律出现在（ C ） A、金本位制 B、银本位制 C、金银复本位制 D、金汇兑本位制 5、中华人民国货币制度建立于（ A ） A、1948年 B、1949年 C、1950年 D、1951年 6、欧洲货币同盟开始使用“欧元EURO”于（ B ） A、1998年 B、1999年 C、2001年 D、2002年 7、金银复本位制的不稳定性源于（ D ） A、金银的稀缺 B、生产力的迅猛提高 C、货币发行管理混乱 D、金银同为本位币 8、中国本位币的最小规格是（ C ） A、1分 B、1角 C、1元 D、10元 9、金属货币制度下的蓄水池功能源于（ C ） A、金属货币的稀缺性 B、金属货币的价值稳定 C、金属货币的自由铸造和熔化 D、金属货币的易于保存 10、单纯地从物价和货币购买力的关系看，物价指数上升25%，则货币购买力（ B ） A、上升20% B、下降20% C、上升25% D、下降25% 11、在国家财政和银行信用中发挥作用的主要货币职能是（ C ） A、价值尺度 B、流通手段 C、支付手段 D、贮藏手段 12、下列货币制度中最稳定的是（ C ） A、银本位制 B、金银复本位制 C、金铸币本位制 D、金汇兑本位制 13、马克思的货币本质观的建立基础是（ A ） A、劳动价值说 B、货币金属说
第二篇 判断题：（每小题2.5分，共计37.5分） 1、SDR是IMF设立的储备资产和记帐单位。（） 2、直接融资与间接融资的区别在于债权债务的形成方式不同。（） 3、直接融资的信用风险是由金融机构来承担的。（） 4、中央银行、投资公司以及金融租赁公司都属于金融中介。（） 5、商业银行的活期存款和定期存款都是货币供应的重要组成部分（） 6、储蓄存款又有支票存款之称。（） 7、承兑业务不属于银行的传统中间业务。（） 8、再贴现率是主动权能够完全掌握在中央银行手中的货币政策。（） 9、1994年颁布的《中华人民共和国中国人民银行法》第一次以法律形式确定了中国人民银行的中央银行的地位。（） 10、二级市场是相对于发行市场而言的各种金融工具进行交易的市场。（） 11、在商业票据当事人中，背书人同出票人一样对票据负完全责任。（） 12、市场利率上升时，债券市场价格会随之降低。（） 13、信用等级高的债券通常支付较高的利息。（） 14、公司破产时，优先股股东等于次级债权人获得索取权。（） 15、回购协议实质上是资金余缺双方的证券买卖交易。（） 不定向选择题：（每小题2.5分，共计62.5分） 1、第一次世界大战前，主要国际储备资产是（） A、美元资产 B、黄金资产 C、英镑资产 D、德国马克资产 2、下列属于直接金融工具（） A、企业债券 B、银行债券 C、银行抵贷款 D、大额可转让定期存单 3、长期以来一直采用间接标价法的国家是（） A、日本 B、法国 C、英国 D、德国 4、（）是传统投资银行的核心业务。
A、证券承销 B、兼并收购 C、证券经纪业务 D、资产管理 5、公认的现代银行的萌芽起源于（） A、美国 B、德国 C、英国 D、意大利 6、下列不影响可贷资金借给的是（） A、政府财政赤字 B、家族储蓄 C、央行货币供给 D、利用外资 7、我国货币当局资产负债表中的储备货币就是指（） A、外汇储备 B、基础货币 C、法宝存款准备金 D、超额存款准备金 8、以下不属于货款风险五级分类管理中类型是（） A、正常 B、次级 C、不良 D、损失 9、下列不属于商业银行现金资产的是（） A、库存现金 B、准备金 C、存放同业款项 D、应付款项 10、商业银行经营中，由于贷款人不能按时还贷而遭受损失的风险是（） A、国家风险 B、信用风险 C、利率风险 D、汇率风险 11、中国人民银行买入外汇，其资产负债表上的变化是（） A、国外资产增加、政府存款增加 B国外资产增加、政府负债增加 C、国外资产增加、金融性公司存款增加 D、国外资产增加、货币发行增加 12、在诸多信用形式中，最基本的信用形式是（） A、国家信用 B、商业信用 C、消费信用 D、银行信用 13、中央银行扭曲操作时买进票据与卖出国债，结果是（） A、货币供给下降 B、货币供给上升 C、短期利率上升 D、长期利率上升 14、中央银行是（） A、发行的银行 B、国家的银行 C、银行的银行 D、监管的银行 15、我国的中央银行的最终目标不包括（） A、经济增长 B、币值稳定 C、利率稳定 D、促进就业 16、下列属于中央银行职能的是（） A、充当最后贷款人 B、代理国库 C、集中管理商业银行的存款准备金 D、全国票据清算中心
搜索时不要带括号 1. 采取独资、合资或合作等方式在国外建立新企业的“绿地投资”属于（ B ）投资。、A. 国 际间接投资B. 国际直接投资C. 国际金融投资 D. 国际结算 2.现代金融体系建立的基础是( D. A和B )。 3. 各经济部门的金融活动及其彼此间的平衡关系可以通过( C资金流量表 )来反映。 4. 在市场经济条件下，发行（ A. 政府债券）是财政最常用、最普遍的筹措资金方式。 5.（ A信用证）属于贸易融资的行为。 1.发行股票属于（ A）融资。： A. 外源融资 B. 内源融资 C. 债务融资 D. 债权融资 2.居民的赤字可以通过以下哪种方式弥补( B. 消费贷款 )。 3.居民进行储蓄与投资的前提是( C. 货币盈余 )。 4.现代社会中，不同的经济部门之间有的总体是盈余的，有的总体是赤字的，他们之间主要 通过( A金融 )活动来实现平衡。 5.从整体上看，（ D ）是最大的金融盈余部门。： A. 企业 B. 金融机构资 C. 政府 D. 居民 汇率变化常给交易人带来损失或盈利，下列（ D. 黑客入侵外汇交易系统导致损失）不属于汇率风险。 目前人民币汇率实行的是( B. 以市场供求为基础的、参考一篮子货币进行调节、有管理的浮动汇率制)。 国际借贷说认为本币贬值的原因是（ D. 流动债务大于流动债权）。 汇率自动稳定机制存在于( B. 国际金本位制下的)汇率制度。 在现行结售汇制度下，我国外管局每个交易日公布的汇率是（ D. 中间汇率）。 汇率作为重要的金融价格，其变动会影响（）。 或多项： A. 进出口 B. 物价 C. 资本流动
D. 金融资产的选择 属于早期汇率决定理论的是（）。 或多项： A. 国际借贷理论 C. 利率平价理论 D. 汇兑心理说 E. 购买力平价理论 银行以不同方式卖出外汇时，下列正确的选项是（）。 或多项： A. 电汇汇率是外汇市场的基准汇率 B. 信汇汇率低于电汇汇率 D. 票汇汇率低于电汇汇率 下列说法正确的是（）。 或多项： A. 直接标价法下，外币的数额固定不变，本币的数额随币值变化 B. 直接标价法下，汇率越高，本币价值越低 E. 间接标价法下，汇率越高，本币价值越高 根据利率平价理论，下列说法正确的是（）。 或多项： B. 利率高的国家货币在远期外汇市场上贴水 C. 利率低的国家货币在远期外汇市场上升水 E. 即期汇率与远期汇率相等时为平价 根据利率平价理论，利率与汇率的关系是：利率高的国家货币在远期外汇市场上升水，利率低的国家货币在远期外汇市场上贴水。错 汇率是两国货币的兑换比率，是一种货币用另一种货币表示的价格。对 布雷顿森林体系下的汇率制度是以黄金——美元为基础的、可调整的固定汇率制。对
金融学复习题库 一、填空题 1、就是由足值货币向现代信用货币发展得一种过渡性得货币形态。代用货币 2、在现代经济中，信用货币存在得主要形式就是与.现金银行存款 3、就是新型得信用货币形式，就是高科技得信用货币。电子货币 4、所谓“流通中得货币”，就就是发挥职能得货币与发挥职能得货币得 总与.流通手段支付手段 5、从货币制度诞生以来，经历了、、与四种主要 货币制度形态。银本位制金银复本位制金本位制信用货币制度 6、金银复本位制主要有两种类型: 与 .平行本位制双本位制７、在格雷欣法则中，实际价值高于法定比价得货币就是。良币 8、在格雷欣法则中，实际价值低于法定比价得货币就是。劣币 ９、金本位制有三种形式: 、、。金币本位制金块本位制金汇兑本位制 １０、货币制度得四大构成要素就是：货币得币材、货币得单位名称、本位币与辅币得发行、铸造、流通程序、准备金制度。 １1、目前,世界各国普遍以金融资产得强弱作为划分货币层次得主要依据。流动性 12、狭义货币M 1由与 ,构成，广义货币M 2 由M 1 加构成。流通 中现金支票存款储蓄存款 1３、货币制度最基本得内容就是。币材 １４、在现代经济中，信用货币得发行主体就是.银行 1５、“金融”一词在广义上指由货币及两大类活动引致得经济行为.信用 １６、借贷活动中产生得利息或者利率就是得价格.借贷资金 1７、一级市场融资就是指在时发生得融资活动.发行融资工具 18、二级市场融资就是指在时发生得融资活动.已发行得融资工具再交易 19、商业信用得方向性就是指它只能沿着得方向提供。商品得生产者到商品 得需求者 2０、信用得要素由信用活动得主体、客体及三个方面得因素构成。信用活动得基 础 21、信用得基础性要素包括三要素。品德能力资本 22、按就是否可转让分类,采用记帐式发行得国债就是得国债。可转让 23、按就是否可转让分类,采用凭证式发行得国债就是得国债。不可转让 24、出口国银行为扶植与扩大本国商品出口，向或国外得进口商提供得贷款称之为出 口信贷。本国得出口商 25、根据中央银行得基本性质与特征及其在世界中央银行制度形成过程中得历史作用来瞧, 英格兰银行就是最早全面发挥中央银行功能得银行. 26、在具体得业务经营活动中,中央银行一般不奉行原则。盈利性 27、中央银行得职能一般可归纳为发行得银行,银行得银行与。政府得 银行
《金融学》课程复习题 一、判断并改错 1.纸币之所以作为流通手段，是因为它本身具有价值。( Χ )P9 纸币——货币纸币本身是没有价值的，纸币只是国家或地区强制发行并使用的货币符号，货币才有价值。 2.税务局向工商企业征收税款时，货币执行支付手段职能。(√ )P10 3.商业票据不能（能）作为信用货币的形式。（Χ）百度商业票据是商业信用的工具，信用货币包括了商业票据、银行存款、电子货币、本币、辅币、支票 4.可以签发支票的存款被称为存款货币P7，定期存款不能签发支票，因而不是货币。（Χ，无因果关系）P171 5.作为价值尺度和支付手段职能的货币必须是现实的货币。（Χ）P9 价值尺度需要的是观念上的货币 6.判断民间借贷是不是高利贷的一个关键界限是：是否显著超出现代信用关系中的利率水平。√P33 7.银行信用与商业信用是相互对立的，银行信用发展起来以后，克服了商业信用的局限性，因而会取代商业信用。( Χ)P35 不是相互独立不会取代 商业信用和银行信用各自都有其优缺点，两者可以相互补充的 8.消费信用是与住房和耐用品的销售紧密联系在一起的。（√）见书P38 9.基准利率一般属于长期利率。（Χ）P42 不属于 长期利率和短期利率、基准利率和长期利率属于不同的分法，没有隶属关系（from百度） 10.在市场经济国家，中央银行发布的利率就是无风险利率。（F ）P42 在市场经济国家，国债利率就是无风险利率。 11.名义利率是指包括补偿通货膨胀（包括通货紧缩）风险的利率。（T ）P43 12.管制利率的基本特征是由政府有关部门直接制定利率或利率变动的界限。（T ）P47 13.金融体系是指一国一定时期金融机构的总和。( T) 14.在我国，经纪类证券公司可从事证券承销、经纪、自营业务。（F） 经纪类证券公司在我国是指只能从事单一的经纪业务的证券公司。它是我国依据分类管理的原则划分的证券公司的一种形式。 15.投资银行的主要资金来源是吸收存款。（F）P69投资银行的主要资金来源是发行股票和债券 16.我国的财务公司是由大经济集团组建并主要从事股票和债券的发行。（F）P69 我国的财务公司是由大经济集团组建并主要从事集团内部融资 17.我国1994年成立了国家开发银行、中国进出口银行和中国农业银行三家政策性银行。×P72 我国1994年成立了国家开发银行、中国进出口银行和中国农业发展银行三家政策性银行 18.通知放款是商业银行之间的短期资金拆借。（ F）百度 不是商业银行之间，而是证券人与商业银行的短期资金拆借 通知放款盛行于证券市场，借款人大多是交易所经纪人或证券购买人。通知放款的利率较低，但须以证券或其他财产作为担保，如借款人无力偿还，银行有权处理担保品。通知放款的性质属于短期拆借，对于银行来说，具有较大的流动性，但不利于借款人有计划地使用资金 19.商业银行的最基本职能是充当企业之间的支付中介。（F，充当企业之间的信用中介P84） 20.我国在1995年颁布的《中华人民共和国商业银行法》中确立了混业经营的原则。（F，确立了严格的分业经营原则）P87 21.商业银行的全部资金来源就是吸收外来的资金。（F，包括外来资金与自有资金，而吸收未来资金只是外来资金的大部分来源。P94） 22.信用证、信用卡和证券投资都是商业银行的表外业务。（F,证券投资属于商业银行的资产业务。P97-99 ）
线订装 韶关学院 2011－ 2012 学年第二学期 经济管理学院《金融学》期末考试试卷（ A 卷） 年级 __ _ _专业__ ___班级__学号姓名____ ___ 注： 1 、共 120 分钟，总分 100 分。 2、此试卷适用专业：工商管理、人力资源管理 题号一二三四五六总分登分人签名 得题分号12345678910得分 答案 一、单 项选择题：（下列各题只有一个符合题意的正确答案。将你选定的答案编号填入每题的答案栏中。本大题共10 小题，每小题 1 分，共 10 分。） 1 、货币的本质特征是充当（）。 A 、普通商品B、特殊商品C、一般等价物 D 、特殊等价物 2 、一直在我国占主导地位的信用形式是（）。 A 、银行信用B、国家信用C、消费信用 D 、民间信用 3 、目前，我国实施的人民币汇率制度是：（） A 、固定汇率制B、弹性汇率制C、钉住汇率制 D 、管理浮动汇率制 4、如果借款人的还款能力出现了明显的问题，依靠其正常经营已经无法保证 足额偿还本息，那么该笔贷款属于五级分类法中的：（） A 、关注B、次级C、可疑 D 、损失
5 、现金漏损率越高，则存款货币创造乘数：（） A 、越大B、越小C、不变 D 、不一定 6 、我国货币政策的首要目标是（）。 A 、充分就业B、币值稳定C、经济增长 D 、国际收支平衡 7 、某公司获得银行贷款100 万元，年利率 6% ，期限为 3 年，按年计息，复利计算，则到期后应偿还银行本息共为：（） A、万 B、万 C、118 万 D、万 8、在采用直接标价的前提下，如果需要比原来更少的本币就能兑换一定数量 的外国货币，这表明：（） A、本币币值上升，外币币值下降，通常称为外汇汇率上升 B、本币币值下降，外币币值上升，通常称为外汇汇率上升 C、本币币值上升，外币币值下降，通常称为外汇汇率下降 D、本币币值下降，外币币值上升，通常称为外汇汇率下降 9 、金融机构之间发生的短期临时性借贷活动是：（） A 、贷款业务B、票据业务C、同业拆借 D 、再贴现 10、一般是由政府设立，以贯彻国家产业政策、区域发展政策等为目标，盈利目标居次要地位的金融机构是：（） A 、中央银行B、存款货币银行C、投资银行 D 、政策性银行